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The reason we use the words unfavorable and favorable when computing variances is made clear when we look at the closing of accounts. To see this, consider that: all variance accounts are closed at the end of every period (temporary accounts), a favorable cost variance is always a credit balance, and an unfavorable cost variance is always a debit balance.
Prepare a one page memorandum to your instructor with three parts that answers the three subsequent requirements.
Does Cost of Goods Sold decrease or increase when concluding a favorable variance? Does gross margin increase or decrease when a favorable variance is closed to Cost of Goods Sold? Describe.
Does Cost of Goods Sold decrease or increase when finishing an unfavorable variance? Does gross margin increase or decrease when an unfavorable variance is closed to Cost of Goods Sold? Describe.
Describe the meaning of a favorable variance and an unfavorable variance.
Assuming the U.S. tax rate is 35% and no valuation allowance is required, what is North's total income tax expense reported on its financial statements for 2010?
Ingram Co. manufactures office furniture. During the most productive month of the year, 3,500 desks were manufactured at a total cost of $84,400. In its slowest month, the company made 1,100 desks at a cost of $46,000.
What is the acquisition cost of each asset? Prepare a journal entry to record the acquisition. Danny plans to depreciate the operating assets on a straight-line basis for 20 years. Determine the amount of depreciation expense for 2008 on these newl..
There are usually no costs for the first 3 years, but thereafter maintenance is re- quired for restriping, weed control, light replacement, shoulder repairs, etc.
James Welling, a 37 year old engineer has an appointment to meet you in about an hour. As you are reviewing his accounts, you notice that he is a fairly active trader. He seems to do pretty well with returns that outpace the averages
Holmgren's insurance policy of $9,000,000 has a deductible clause of $500,000. How should Holmgren Chemical report this information in its financial statements at December 31, 2010?
When the budget of a governmental unit is adopted and appropriations are more than Estimated Revenues, the difference is :
Equipment with a cost of $192,000 has an estimated salvage value of $18,000 and an estimated life of 4 years or 12,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during w..
Major Tax Structures
For Warren Corporation, year-end plan assets were $2,000,000. At the beginning of the year assets were $1,780,000. During the year, contributions to the pension fund were $120,000, and benefits paid were $200,000. Compute Warren's actual return on..
It is expected to increase net annual cash flows by $25,000. The company's borrowing rate is 8%. Its cost of capital s 10%. Calculate the net present value of this project to the company?
Ron, a calendar year taxpayer subject to a 35% marginal tax rate, claimed a charitable contribution deduction of $500,000 for a sculpture that the IRS later valued at $150,000. The applicable overvaluation penalty is:
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