ACCT 557 Quiz 2 Purchase here http://chosecourses.com/ACCT%20557/acct-557-quiz-2 Product Description 1. (TCO B) As a result of differences between depreciation for financial reporting purposes and tax purposes, the financial reporting basis of Noor Co.'s sole depreciable asset, acquired in Year 1, exceeded its tax basis by $250,000 at December 31, Year 1. This difference will reverse in future years. The enacted tax rate is 30% for Year 1, and 40% for future years. Noor has no other temporary differences.
In year 2 it reports a $40,000 loss. For year 3, it reports taxable income from operations of $100,000 before any loss carryovers. Using the corporate tax rate table, determine how much tax Willow Corp. will pay for year 3. Answer: $4,500. Description (1) Year 3 taxable income $100,000 (2) Year 1 NOL carryforward ($30,000) (3) Year 2 NOL carryforward ($40,000) (4) Taxable income reported 30,000 (1) - (2) -
(Points : 5) A budget that is developed for a single level of activity A budget that analyzes existing activities (and continuation of that activity must be justified and resources needed must be justified by each manager) A budget that is based solely on prior period information, adjusted for inflation A budget that is continuous or rolling Question 11.11. (TCO 5) Bug Company manufactures buggies. Manufacturing a buggy takes 20 units of wood and 1 unit of steel. Scheduled production of buggies for the next 2 months is 500 and 600 units, respectively. Beginning inventory is 4,000 units of wood and 30 units of steel.
What is the frequency of light if its wavelength is 5.4 X 10-5CM? (5.6 X 1014 Hz) ______________10. Which would have the higher frequency, light of wavelength of 521 nm or light with a wavelength of 605 nm? (521 nm) ______________11. Which would have the longer wavelength, light with a frequency of 4.5 X 1014 Hz or light with a frequency of 6.19 X 1014 Hz?
All sales are made on account at $20 per unit. Sixty percent of the sales are collected in the month of sale; the remaining 40% are collected in the following month. Forecasted sales for the first five months of 20X2 are: January, 1,500 units,- February, 1,600 units; March, 1,800 units; April, 2,000 units; May, 2,100 units. 2. Management wants to maintain the finished goods inventory at 30% of the following month's sales.
The approximate length of shoe, y cm, may be calculated from the shoe size, x, using the formula 1 y = 5 x + 21 6 . 6 (iv) Deduce the corresponding approximate values for the mean and standard deviation of the length
Suppose this observation wereincorrectly recorded as 8.5 instead of 5.8. Will the mean increase, decrease, or remainthe same? Will the median increase, decrease or remain the same? Why? (5 pts) --- 6.
The electricity cost was charged on a quarterly basis and charged back to each department on a quarterly basis also. The quarterly costs were September 2013 $13000, December $11000, March $10000 and June $11000. Retail Banking make payment of 100% of the cost up front as they are the controlling department. Retail Banking then process an adjusting entry to Commercial Banking’s cost centre for 30% of the expense and an adjusting entry to Financial Planning’s cost centre for 10% of the expense which together with its 60% obligation brings the total to 100%
Each debenture can be converted into 25 shares of common stock at any time before 2019. What is the conversion value of the bond? Question 23 Warren Corporation’s stock sells for $42 per share. The company wants to sell some 20-year, annual interest, $1,000 par value bonds. Each bond would have 75 warrants attached to it, each exercisable into one share of stock at an exercise price of $47.
It will remit payment in three days. | | 24 | Paid the weekly wages. | | 26 | Received payment from Tuxedos Unlimited. | | 30 | Received a telephone bill for $114, which will be paid in two weeks. | | 10.