What is a use tax, and how can an individual incur a use tax liability?

What is a use tax, and how can an individual incur a use tax liability?

 

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The management of Kuiper Inc. asks your help in determining the comparative effects 1 answer below »

The management of Kuiper Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2012, the accounting records show these data.

Inventory, January 1 (10,000 units)

$35,000

Cost of 120,000 units purchased

468,500

Selling price of 98,000 units sold

750,000

Operating expenses

124,000

Units purchased consisted of 35,000 units at $3.70 on May 10; 60,000 units at $3.90 on August 15; and 25,000 units at $4.20 on November 20. Income taxes are 28%.

Instructions

(a) Prepare comparative condensed income statements for 2012 under FIFO and LIFO. (Show computations of ending inventory.)

(b) Answer the following questions for management in the form of a business letter.

(1) Which inventory cost flow method produces the inventory amount that most closely approximates the amount that would have to be paid to replace the inventory? Why?

(2) Which inventory cost flow method produces the net income amount that is a more likely indicator of next period"s net income? Why?

(3) Which inventory cost flow method is most likely to approximate the actual physical flow of the goods? Why?

(4) How much more cash will be available under LIFO than under FIFO? Why?

(5) How much of the gross profit under FIFO is illusionary in comparison with the gross profit under LIFO?

 

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Using the resources available at your campus or the Internet, complete each of the following…

Using the resources available at your campus or the Internet, complete each of the following tasks.

a. Find an in-the-money call that has two or three months to expiration. (Select an equity option that is at least $2 or $3 in-the-money.) What’s the fundamental value of this option and how much premium is it carrying? Using the current market price of the underlying share (the one listed with the option), determine what kind of dollar and percentage return the option would generate if the underlying share goes up by 10%. How about if the share goes down by 10%?

b. Repeat part a, but this time use an in-the-money put that has two or three months to expiration. Answer the same questions as above.

 

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Using the real-time system design techniques discussed in this chapter, redesign the weather station

Using the real-time system design techniques discussed in this chapter, redesign the weather station data collection system covered in Chapter 14 as a stimulus-response system.

 

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The unadjusted trial balance of PS Music as of July 31, 2014, along with the adjustment data for …

chapter 4 managerial accounting 12th
Show transcribed image text The unadjusted trial balance of PS Music as of July 31, 2014, along with the adjustment data for the two months ended July 31, 2014, are shown in Chapter 3. Based upon the adjustment data, the adjusted trial balance shown below was prepared. 1. Using the data from Chapter 3, prepare an end-of-period spreadsheet 2. Prepare an income statement, a retained earnings statement, and a balance sheet. 3. Journalize and post the closing entries. The income summary account is in the ledger of PS Music. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Prepare a post-closing trial balance.

 

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Refer to Problem 13.18. Now assume you are using a constant-ratio plan with a rebalance trigger… 1 answer below »

Refer to Problem 13.18. Now assume you are using a constant-ratio plan with a rebalance trigger of speculative-to-conservative of 1.25. What action, if any, should you take in time period 2? Be specific.

Problem 13.18

Refer to the table below:

Assume you are using a constant-dollar plan with a rebalancing trigger of $1500. The share price represents your speculative portfolio, and the MM fund represents your conservative portfolio. What action, if any, should you take in time period 2? Be specific.

 

Q

 

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ValarMorghulis Company was organized just a year ago. The normal capacity and actual…

ValarMorghulis Company was organized just a year ago. The normal capacity and actual production of the company is 2,500 units. The results of the company’s first year of operations are shown below. ValarMorghulis Company
Income Statement Sales (2,000 units sold) P 135,000 Less: Cost of goods sold: Beginning Inventory P 0 Cost of Goods Manufactured 105,000 Goods Available for Sale P 105,000 Ending Inventory 21,000 84,000 Gross Margin 51,000 Less: Selling and Administrative expenses 42,000 Net Income P 9,000
The company’s unit variable cost is computed as follows: Variable manufacturing cost P 32 Variable Selling and Administrative expenses 5 Total Variable cost per unit P 37
REQUIRED: What is the Selling price per unit? Fixed MOH per unit application? What is the total fixed manufacturing cost? Total fixed selling and administrative expense? What the net income under full costing? Under direct costing? Prepare the income statement under absorption and variable costing. During its first year of operations, Sugar Ray Company produced 55,000 jars of hand cream based on a formula containing 10 percent glycolic acid. Unit sales were 53,500 jars. Fixed overhead was applied at P0.50 per unit produced. Fixed overhead was underapplied by P10,000. This fixed overhead variance was closed to Cost of Goods Sold. There was no variable overhead variance. The results of the year's- operations are as follows (on an absorption costing basis): [round off to two decimal place the per unit cost] Sales (53,500 units @ P8.50) P 454,750 Less: Cost of Goods Sold (170,500) Gross Margin P 284,250 Less: Selling and Administrative (all fixed) (120,000) Net Income P 164,250
REQUIRED: Give the cost of the firm's ending inventory under absorption costing. What is the cost of the ending inventory under variable costing? Compute the income under variable costing. Reconcile the difference between the two income figures.
3. For the year ended December 31, 2017, SIRA Inc. incurred the following costs on Job Order 201 for manufacturing of 750 units: [round up to 2 decimal place]
Original cost accumulation:
Direct Materials 1,250,000
Direct Labor 750,000
Factory overhead 250,000
Direct cost of reworking 100 units:
Direct Materials 150,000
Direct Labor 450,000
What is the cost per unit of Job Order 201 if the rework costs were attributable to internal failure? What is the cost per unit of Job Order 201 if the rework cost were attributable to the exacting specification of Job Order 201?

 

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The Helio Ward (HW) investment in Amexon bonds. Journalize the following on HW s books: a. Purchase.

The Helio Ward (HW) investment in Amexon bonds. Journalize the following on HW s books: a. Purchase of the bond investment on June 30, 2016. HW expects to hold the investment to maturity? b. Receipt of semiannual cash interest on December 31, 2016. c. Amortization of the premium on the bonds on December 31, 2016. Use the straight-line method? d. Collection of the investment s face value at the maturity date on June 30, 2021. (Assume the receipt of 2021 interest and the amortization of bonds for 2021 have already been recorded, so ignore these entries.)

 

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The trial balance columns of the worksheet for Green Company at June 30, 2010, are as follows..trans

The trial balance columns of the worksheet for Green Company at June 30, 2010, are as follows..transtutors.com/Transtutors001/Images/Transtutors001_67b78a50-d8ff-4248-9163-0e948095a800.PNG”>Other data:Operating expenses incurred on account, but not yet recorded, total $1,500.InstructionsEnter the trial balance on a worksheet and complete theworksheet.

 

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Using the method of Sec. 15.14, solve Prob. 15.191. Prob. 15.191 .

Using the method of Sec. 15.14, solve Prob. 15.191.

Prob. 15.191.

 

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