Caroline Company reports the following costs and expenses in May

ACC 560 Week 2 Assignment

E1-4 Caroline Company reports the following costs and expenses in May.

Factory utilities $ 11,500 Direct labor $69,100
Depreciation on factory equipment 12,650 Sales salaries 46,400
Depreciation on delivery trucks 3,800 Property taxes on factory building 2,500
Indirect factory labor 48,900 Repairs to office equipment 1,300
Indirect materials 80,800 Factory repairs 2,000
Direct materials used 137,600 Advertising 18,000
Factory manager's salary 8,000 Office supplies used 2,640

From the information, determine the total amount of: (a) Manufacturing overhead. (b) Product costs. (c) Period costs.

Click here for the solution: Caroline Company reports the following costs and expenses in May

Edington Company combines its operating expenses for budget purposes in a selling and administrative expense budget

ACC 560 Week 6 Assignment

E9-9 Edington Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first 6 months of 2008, the following data are available.

1. Sales: 20,000 units quarter 1; 22,000 units quarter 2.
2. Variable costs per dollar of sales: Sales commissions 5%, delivery expense 2%, and advertising 3%.
3. Fixed costs per quarter: Sales salaries $10,000, office salaries $6,000, depreciation $4,200, insurance $1,500, utilities $800, and repairs expense $600.
4. Unit selling price: $20.

Instructions
Prepare a selling and administrative expense budget by quarters for the first 6 months of 2008.

Click here for the solution: Edington Company combines its operating expenses for budget purposes in a selling and administrative expense budget

During the 2010 tax year, Irma incurred the following expenses

During the 2010 tax year, Irma incurred the following expenses:

Union dues $275
Tax return preparation fee 125
Brokerage fees for the purchase of stocks 35
Uniform expenses 300

If Irma's adjusted gross income is $22,000, calculate her miscellaneous deductions on Schedule A of Form 1040.


Click here for the solution: During the 2010 tax year, Irma incurred the following expenses

Fisafolia Corporation has gross income from operations of $220,000 and operating expenses of $160,000 for 2010

Fisafolia Corporation has gross income from operations of $220,000 and operating expenses of $160,000 for 2010. The corporation also has $20,000 in dividends from publicly traded domestic corporations (ownership in all corporations was less than 20 percent).
a. Calculate the corporation's dividends received deduction for 2010.
b. Assume that instead of $220,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2010.


Click here for the solution: Fisafolia Corporation has gross income from operations of $220,000 and operating expenses of $160,000 for 2010

Blythe, a real estate broker, had the following income and expenses in her business

Blythe, a real estate broker, had the following income and expenses in her business:

Commissions Income $160,000

Expenses:

Referral fees paid to non-brokers (illegal under state laws and subject to criminal penalties) $30,000

Referral fees paid to brokers (not illegal under state law) $11,000

Travel & Transportation $6,000

Supplies $5,000

Office and phone $4,000

Parking Tickets $1,500

How much net income must Blythe report from this business?

Click here for the solution: Blythe, a real estate broker, had the following income and expenses in her business