The firm should change their accounting style and use product cost model so that the firm only capitalizes the revenues and cost when they sell a unit of bottled old turkey. Treating the warehousing and barrel costs as product cost would reflect on the income statement as now the third year projected losses can be transformed into profits allowing the president to make a stronger case in front of the local bank. Using product cost instead of period cost: assuming that we had 50,000 aging barrels in the base year. Cost of production/barrel = material cost + cost of new oak barrel + rental + direct cost = 100 + 75 + 20 + 50 = 245. | year 0| Year 1| Year 2| Year 3| Cost of production incurred during the period| 5,250,000| 5,540,000| 5,970,000| 6,540,000| Add beginning Work in progress inventory| 12,250,000| 12,250,000| 12,740,000| 13,720,000| Total cost of production accounted for| 17,500,000| 17,790,000| 18,710,000| 20,260,000| Less :ending work in progress inventory| 245 * 50000 =12,250,000| 245*52000 =12,740,000| 245*56000=13,720,000| 245*62000=15,190,000| Cost of production| 5,250,000| 5,050,000| 4,990,000| 5,070,000| Revenues| 6,000,000| 6,000,000| 6,000,000| 6,000,000| Net income before taxes| 750,000| 950,000| 1,010,000|
(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.
Can Joe afford the monthly payments with taxes and insurance for either a 30 or 15 year mortgage? 2. If Joe buys the house, will he have enough money left over on a monthly basis to live comfortably? 3. Does Joe have enough in savings to pay for the down payment and all of the closing costs?
In this time the average poverty level for a family of six is $600, and the average earning of American worker is less than $500. During this period three presidents served, President Roosevelt, William H. Taft, and Woodrow Wilson. These three presidents made many changes but made little to no change in racial segregation and to labor unions. At your bed side you asked me to put a million dollars, your entire life savings, into three professional reforms. The way I will spend the one million dollars is, 600,000 dollars in food safety,300,000 child labor dollars in, and 100,000 dollars in woman's suffrage.
Memo To: John & Jane Smith From: Zachary R. Munger Date: [ 5/27/2012 ] Re: Memo summarizing various tax issues 1. John Smith's tax issues: Issue a) How is the $300,000 treated for purposes of federal tax income? Refer to IRS Section 104 (Compensation for Injuries or Sickness (Also Section 105- Amounts Received Under Accident and Health Plans)). John would have to include everything he received for the services provided as gross income. This would be in addition to his wages, salaries, commissions and other fees that he normally earns as an attorney.
According to its website, you can also call it for unemployment benefits, daycare and donation centers. It's like the 311 number we have here in New York - it's a direct connection to your government, except they'll probably put you on hold for fifteen minutes or so. Relax, the government will help you when it gets around to it. Besides the fact that Jodie has no home to call 211 from, Romney's suggestion relies upon an individual responsibility that lies as the cornerstone of his partner-in-crime's budget. In Path to Prosperity, Paul Ryan offers an 80% cut in discretionary spending - the largestgutting of governmental public services in our lifetime - and FEMA finds itself stuck on the chopping block.
Also cutting down on what we spend on our so called, “luxury” items. Peter says, “An American household with an income of $50,000 spends around $30,000 annually on necessities, according go the conference board, a non-profit organization. We should donate around $20,000 at least to help the world. So whatever you don’t spend on “luxury” items, should be given away to the needy, or donated.” (568). that will never happen though.
Wasteful spending falls into categories that are easy to identify and oppose: 1) Duplication programs, and 2) Inefficiency, mismanagement, and fraud. President Obama identified $140 million of is $3.6 trillion 2010 fiscal year budget as wasteful (Heritage). Some examples of wasteful spending are: 1) Washington spends $25 billion annually maintaining unused or vacant federal properties; 2) The federal government owns more than 50,000 vacant homes, and 3) Congress recently gave Alaska Airlines $500,000 to paint a Chinook salmon on a Boeing 737. How much money is America going to
The ad-hoc legislation between 1803 and 1930 was passed severally for compensation after a disaster. For example, after the Great Wall fire incident in 1835, the New York City merchants received waive on tariff duties. After Abraham Lincoln’s assassination, the congress passed legislation to compensate those injured at John T. Ford’s theatre. In 1932, President Herbert Hoover commissioned the Reconstruction Finance Corporation after the Great Depression in 1929. The RFC work was to lend money to institutions and banks for stimulation of economic activities.
Imagine what could be done with the 90 billion dollars a year the US spends on welfare and social service alone for illegal immigrants. To an individual it’s almost an unimaginable amount but