The corporation will have to recognize a gain of $2,000. c. What, if any, changes if Susan received another 10 percent stock interest for the car? Susan will have to recognize a gain of $2,000. 62. A corporation has income of $62,000 from operations and a net long-term capital loss of $5,000.
AC 553 Week 7 47. On April 18, 2011, Jane Juniper purchased 30 shares of Bryan Corp. stock for $210, and on September 29, 2011, she purchased 90 additional shares for $900. On November 28, 2011, she sold 48 shares, which could not be specifically identified, for $576 and on December 8, 2011, she sold another 25 shares for $188. What is her recognized gain or loss? 210/30= $7; 900/90= $10.
https://hwguiders.com/downloads/acct-324-final-exam-solution ACCT 324 Final Exam Solution Question 1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew’s basis in the residence is: Question 2.
c. ____F____ Paid a $5,000 dividend. d. __O______ Purchased $8,800 of merchandise for cash. e. ___F_____ Received $100,000 from the issuance of common stock. f. __O______ Paid $1,200 of interest on a note payable. g. _____I___ Acquired a new laser printer by paying $650.
Once the new machinery is paid in full and Molly’s fixed costs return to $1,700 per month, her new monthly profit after 3 years will be $1,955. The answer was derived by using the following equation: 4,300 × (1.1 – $0.25) –1700 =
She contributed $3,000 to her 401(k) for retirement. She earned $400 in interest on savings and checking and $3,000 interest income from the trust that is taxed in the same way as interest income from checking and savings accounts. Harry contributed $3,000 into a traditional IRA. • a) What is the Johnsons’ reportable gross income on their joint tax return? • b) What is their adjusted gross income?
1. a. The cost related to processing (i.e., warehousing) a carton through the facility $54 ($4,320,000/80,000) b. The cost of entering an electronic and a manual customer order 840,000/(16*1500*60)=.5833333 $/productive minute $3.50 for an electronic (.5833333*6) $5.25 + 2.625*(number of lines in order) was the cost of a manual ($0.5833333*9)+($0.5833333*4.5)*number of lines per order c. The cost of shipping a carton on commercial carriers $6 per carton ($450000/75000) d. The cost per hour for desktop deliveries. (200000+250000)/(4*1500) = $75/hour * What are the advantages of using the per hour cost driver vs. other potential drivers such as cost/carton or cost per delivery? Variation in shipping costs relates to costs associated with shipping time (i.e.
. . Give reasons for your answer. (Total for Question 5 = 3 marks) Edexcel GCSE in Mathematics A Sample Assessment Materials Issue 2 © Edexcel Limited 2010 53 6 Last year Sasha was paid £15400 after deductions from her gross salary. She was paid 70% of her gross salary.
SciTronics had a total of $ 102,000 (75,000 + 27,000) of capital at year-end 2008 and earned before interest but after taxes (EBIAT) $ 16,120 (avg. tax rate = 38%) during 2008. Its return on capital was 15.8% in 2008 which represented an increase from the 8.7% earned in 2005. 4. SciTronics had $ 75,000 of owners’ equity and earned $ 14,000 after taxes in 2008.
Use a format similar to the illustrations in Exhibits 9–4, 9–5, and 9–6. In each case, assume that a full year of depreciation was taken in 2005. 1. Straight-line. Cost – Residual Value $40,000 - $5,000 Years of Life 5 Depreciation $7,000 Annually Depreciation Schedule: Straight - Line Method Year Computation Depreciation Expense Accumulated Depreciation Book Value $ 40,000 First 35,000 x 1/5 $7,000 $ 7,000 $ 33,000 Second 35,000 x 1/5 $7,000 $ 14,000 $ 26,000 Third 35,000 x 1/5 $7,000 $ 21,000 $ 19,000 Fourth 35,000 x 1/5 $7,000 $ 28,000 $ 12,000 Fifth 35,000 x 1/5 $7,000 $ 35,000 $ 5,000 Total $35,000 2.