Carlos Santos AC553 ‐ Federal Taxes and Management Decisions Professor Robey Friday‚ January 06‚ 2012 Homework Problems (Show your work.): 3-31‚ 3-32‚ 3-36‚ 13-55‚ and 13-69 3‐31) Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of $11‚950 and four exemptions. Assuming an adjusted gross income of $40‚000‚ what is their taxable income for 2011? AGI $ 40‚000.00 Itemized Deduction > Standard (11‚950.00) 4 Exemptions (14‚800.00) Taxable Income
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Essentials of Accounting Week 5 Assignment Chapter 9: E9-6 SY Telc has recently started the manufacture of RecRobo‚ a three-wheeled robot that can scan a home for fires and gas leaks and then transmit this information to a mobile phone. The cost structure to manufacture 20‚000 RecRobo’s is as follows. Cost Direct materials ($40 per robot) $ 800‚000 Direct labor ($30 per robot) 600‚000 Variable overhead ($6 per robot) 120‚000 Allocated fixed overhead ($25 per robot) 500‚000 Total $2‚020
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Categorize the accounting tasks performed by Urlacher as relating to either the identification (I)‚ recording (R)‚ or communication (C) aspects of accounting. E1-2 (a) The following are users of financial statements. ___I___Customers __I___Securities and Exchange Commission ___C__Internal Revenue Service __C__Store manager ___I___Labor unions __R__Suppliers ___C__Marketing manager __C_ Vice-president
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470-10 is not applicable in this situation. Product “X” is undeveloped and the status is undetermined‚ therefore‚ payments are not guaranteed through the future revenues of this particular product (ASC 470-10-25-1). Further‚ based on ASC 470-10-25-2‚ these factors do not apply in this case to qualify as a debt. However‚ the facts below would show why it is more appropriate to account for the financing of the research and development for product “X”‚ under ASC 730-20: 1. The main reason behind
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reported periodically or as needed by management and can be reported for the entire entity or for segments of the organization. 2. a. A line department is directly involved in the basic objectives of the organization‚ while a staff department provides service‚ assistance‚ or advice to line departments or other staff departments. b. (1) Sales Department (2) Personnel Department 3. Direct materials cost 4. Prime costs are the combination of direct materials and direct labor costs
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FASB Codification Case #1 Treasury Stock Paragraph 505-30-30-3 considers that “. If the purchase of treasury shares includes the receipt of stated or unstated rights‚ privileges‚ or agreements in addition to the capital stock‚ only the amount representing the fair value of the treasury shares at the date the major terms of the agreement to purchase the shares are reached shall be accounted for as the cost of the shares acquired”‚ and further the section mentions that “the price paid in excess
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addresses the issues related to accounting for income taxes. Taxable income is computed in accordance with prescribed tax regulations and rules‚ whereas accounting income is measured in accordance with generally accepted accounting principles. 2. (S.O. 1) Due to the fact that tax regulations and generally accepted accounting principles differ in many ways‚ taxable income and financial income frequently differ. The following represent examples of events that can result in such differences: (a)
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Joel Trump is paid one and one-half times the regular hourly rate for all hours worked in excess of 40 hours per week and double time for work on Sunday. Trump’s regular rate is $8 per hour. During the week ended October 10‚ he worked 9 hours each day from Monday through Friday‚ 6 hours on Saturday‚ and 4 hours on Sunday. Trump’s total earnings for the week ended October 10 are Which payroll taxes are paid by both the employee and the employer? The
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-----------------------‚---------------- ADVANCED ACCOUNTING EXAM III - Part I FALL2013 NAME _ Part 1: Prepare journal entries in the General Fund for each of the following events relating to the City of Santa Rosa (all amounts in $1‚000s). Required a. The citizens approve the following budget for the year: . APPROPRIATIONS $22.888 2‚000 . ESTIMATED REVENUES .............................................•.... ESTIMATED OTHER FINANCING SOURCES $ 2‚479 (22
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Essay Topics for CPHL 550 – Knowledge‚ Truth and Belief “Plan your work‚ work your plan”. – Vince Lombardi General Instructions Make sure to consult the Basic Style Guidelines Document and the Tips for Writing an Effective CPHL 550 Essay Document in order to confirm the details for each assignment (both the minor and the major essay) especially with respect to the minimal length requirement. Since there is no final exam in this course‚ your essay assignments need to be treated with the same attention
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