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A company produces two products, X and Y, from a single raw material called ZZ. ZZ is purchased in 55-gallon drums, and the contents of one drum are sufficient to produce 30 gallons of X and 15 gallons of Y. X sells for $10.00 per gallon and Y sells for $30.00 per gallon. During the current period, the company used 400 drums of ZZ to produce X and Y. The cost of ZZ was $90 per drum.Required:(1) If the cost of ZZ is allocated to the X and Y products on the basis of the number of gallons produced, how much of the total cost of the 400 drums should be charged to each product?(2) If the cost of ZZ is allocated to the X and Y products in proportion to their market values, how much of the total cost of the 400 drums should be charged to each product?(3) Which basis of allocating the cost is most likely to be used by the company? The relative number of gallons of each product produced or the relative market values of each product at the point of separation.
What is the "kiddie tax" all about? What is its purpose? What "scheme" does it seek to prevent? Do you think it is really necessary? If so, why do you think it cuts off at 14?
Carter Corporation had net income of $250,000 and paid dividends of $50,000 to common stockholders and $20,000 to preferred stockholders in 2008.
As corporate controller for Apollo Shoes, you are tasked to find and explain any irregularities in the Apollo Shoes Case.
Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2011, the company transferred $800,000 of accounts receivable to Milpitas.
How much should she invest in the money market account each year for the next 8 years to achieve her objective? How much would she need as a lump sum payment to compound to $20,000 in 8 years at 6.35% annual rate?
Prepare a cost of production report for the Sifting Dept for October, using average cost method.
Define the concepts of present value, payback method, internal rate of return, or net present value and elaborate on your interpretation of their value as assessment tools for an accountant.
Landon paid $20,000 in dividends to each of the two stockholders in each of the three years. Prepare a statement of retained earnings for the year ended December 31, 2010.
What are the two types of audit tests? What are some examples of each of these two types of tests? How will the auditor use the data gathered from these tests? - Answer 150-200 words.
This purpose of this essay is to identify the nature of relevant and irrelevant costs and their role in the decision making process. Draw from your personal as well as professional experiences to answer the questions below.
1. Determine the price of the bonds at the time they were issued. 2. Assume the bonds were issued at a price of $850,000. Determine the amount of interest expense to be reported on June 30, 2008, December 31, 2008, and June 30, 2009.
Therefore, the S corporation sells the assets, resulting in a $90,000 capital gain, and liquidates. Assuming that Phil is subject to a marginal tax rate of 30%, what taxes are due?
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