Sunset Scavenger Company v. Commissioner 84, No. 7999 (Circuit Court of Appeals, Ninth Circuit June 8, 1936). -------------------------------------------- [ 1 ]. [ (bvresources.com, 1983) ] [ 2 ]. [ (Mark, A. et al, 1987) ] [ 3 ].
The most recent financial statements for Williamson, Inc., are shown here (assuming no income taxes): Income Statement Balance Sheet Sales $ 6,700 Assets $22,050 Debt $ 8,050 Costs 3,850 Equity 14,000 Net income $ 2,850 Total $22,050 Total $22,050 Assets and costs are proportional to sales. Debt and equity are not. No dividends are paid. Next year’s sales are projected to be $7,906. What is the external financing needed?
[3] http://www.irs.gov/businesses/small/article/0,,id=146335,00.html It is important to determine if the taxpayer martially participates because this classifies the income as active or passive. Passive activity losses are non-deductable from active and portfolio income. This is why it is important to determine if the taxpayer martially participates in the business activity. PROBLEMS: 7-46) The $30,000 loss is considered a passive loss and can only be deducted against passive income, it is therefore suspended and carried forward to future years to offset potential passive income in those years. Mary has no martially participation in the rental activity, therefore the loss is considered
5, 6) Lima Parts, Inc., shows the following overhead information for the current period: Actual overhead incurred $ 29,400 2/3 of which is variable Budgeted fixed overhead $ 8,640 per hour Standard variable overhead rate per direct labor-hour $ 9.00 Standard hours allowed for actual production 2,350 hours Actual labor-hours used 2,200 hours ________________________________________ Required: What are the variable overhead price and efficiency variances and fixed overhead price variance? (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.) Amounts Variable overhead: Price variance $ (0%) (0%) Efficiency variance $ (0%) (0%) Fixed overhead: Price variance $ (0%) (0%) ________________________________________ P16-45 Overhead Variances (L.O.
A: 40,500/10=4050 B: 33,600/9=3733 C: 36,000/8=4500 D: 19,000/7=2714 E: 23,500/6=3916 Total Straight-line depreciation = $18,913 Total Cost = $152,600 Depreciation Rate = 18,913/152,600 = 12.4% (b) Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. Depreciation – Plant Assets 18,913
Ratio Analysis Memo for Riordan Manufacturing, Inc. By Teri N. Owens University of Phoenix XACC/291 STEVEN GERMAN November 23, 2014 * Liquidity ratios 1. Current ratio $14,524,790 / $2,750,057 = 5.3% 2. Acid-Test $5,605,347 / 2,750,057 = 2.03 3. Receivables turnover 12564004 / 2669824.5 = 4.7 times 4. Inventory turnover 56,534,254 / 8,517,203 = 6.6 * Profitability ratios 5.
Math 015 FINAL REVIEW Name____________________ 1. Write in expanded form 7,982 a. 70,000 + 900 + 80 + 2 b. 7,000 + 900 + 80 + 2 c. 7,000 + 9000 + 80 + 2 d. 7,000 + 900 + 80 + 20 2. Round 689,652 to the nearest thousands a.
Groetzinger, 480 U.S. 23 (1987). Retrieved September 25, 2010 from http://supreme.justia.com/us/480/23/” “Internal Revenue Code Section 165(d). Retrieved September 25, 2010 from http://www.taxalmanac.org/index.php/Sec._165” “McClanahan v. United States, 292 F2d 630, 631-32 (5th Cir 1961). Retrieved September 25, 2010 from http://www.publications.ojd.state.or.us/TCMD060008D.htm” “Section 62(a)(1). Retrieved September 25, 2010 from http://www.law.cornell.edu/uscode/26/usc_sec_26_00000062----000-.html” “Section 162(a).
When considering how Small Fries Inc and its other facilities should record the costs associated with OSHA compliance on their financial statements as either capitalized as an asset or charged to expenses. We should consider the types of repairs that will be done. Whether they are ordinary repairs or major and extraordinary repairs that will benefit the companies more than one year or operating cycle. According to ASC 360 -10- 25- 5 Planned Major Maintenance Activities, The use of the accrue-in-advance (accrual) method of accounting for planned major maintenance activities is prohibited in annual and interim financial reporting periods. GAAP defines a company's assets as the things it owns or controls that have measurable future economic
Therefore, when determining the amount of allocable arrangement consideration, the 65% of gate fees receivable by Class Act (regardless of the probability of receipt) should not be included in allocable arrangement consideration prior to satisfaction of the associated production presentation. Those types of fees should not be included in allocable arrangement consideration until the events that give rise to the consideration occur, even if it is probable that the event will occur or amounts will be received by the vendor. Hence, the consideration allocated to the multiple-deliverables contract in question is the $5 million sum. The 65% of gate receipts would be allocated to each production performance even though they are considered a single accounting unit for the