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Sergo Games produces a variety of action games which sold more than 800,000copies. In 2011, the production plant prepared 3,000,000 CDs and incurred the following cost: Units Processed 3,000,00, labor $1,000,000, material $5,400,000, supervisory salaries $300,000, Depreciation of equipment $400,00, Heat, light, phone, etc $200,000 Total $7,300,000. Required Should production of CDs be outsource? support your answer with appropriate calculations.
Dixie Corporation distributes $31,000 to its sole shareholder, Sally. At the time of the distribution, Dixie's E&P is $25,000 and Sally's basis in her Dixie stock is $10,000. Sally's basis in her Dixie stock after the distribution is ??
Future,Inc. reported the following results for the year: Future's taxable income for the year was:
On January 1, Year 1, Jayco purchased a machine for $6,000. It had an estimated salvage value of $1,200 and a life of six years. The straight-line method of depreciation was used. At, midyear in Year 4, Jayco sold the machine for $4,500 cash.
Because of Wyatt's loyalty, Julie would like him to have shares in the corporation. What are the relevant tax issues?
Using the above information for ABC co., prepare a pension work sheet for 2008. Indicate (credit) entries by parentheses. Calculated amounts should be supported. Prepare the journal entries to reflect the accounting for the company's pension plan f..
Donkey Company manufactures two products, Standard and DeLuxe. Donkey's overhead costs consist of machining, $2,000,000; and assembling, $1,000,000. Information on the two products is:
Identify three major accounting issues on which IFRS and US GAAP currently differ. For each, outline briefly the nature of the divergence, and discuss the potential impact if the IFRS position is adopted in the US.
What would incomplete units physically look like at the end of any given part of the process? For example, at the end of the distillation process and then at the end of the final bottling process
Nagen Company had these transactions pertaining to stock investments:
Both Mr. Jones and Mrs. Green earned $50,000 gross in 2009. Yet, Mr. Jones owed IRS $600 on his tax return while the IRS owed Mrs. Green $600 on her tax return.
The actual cash received from cash sales was $11,279, and the amount indicated by the cash register total was $11,256.
Mile-High Foods, Inc., was formed in March 2011 to provide prepackaged snack boxes for a new low cost regional airline beginning on April 1.
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