Individuals A And B Formed AB Corporation On October 1, 2018, And Elected To
Individuals A and B formed AB Corporation on October 1, 2018, and elected to be taxed as an S corporation. A contributed cash of $200,000 for a 50% stock interest. B contributed land with a fair market value of $200,000 and an adjusted basis of $198,000 for a 50% stock interest. The corporation had no activity in 2018. In 2019, AB Corporation records indicate the following: Gross revenues $ 850,000 Cost of sales (650,000) Dividend income 40,000 Net capital loss (21,000) Charitable contributions (24, 000) Salary payments to B (not included above) (100,000) During the year B had cash withdrawals from the corporation of $120,000, and corporation debt increased by $40,000. What is B’s basis in her corporation interest on October 1, 2018? What is the corporation’s basis in the property contributed by A and B on October 1, 2018? Compute AB Corporation’s ordinary income for 2019. Compute B’s stock basis at the end of 2019.
Muscle Force Sells Boxes Of Protein Bars. The Accountant For Muscle Force Is Currently
Muscle Force sells boxes of protein bars. The accountant for Muscle Force is currently preparing a sales budget for the month of July 2019. The following information is relevant: Budget sales July 2019 units = 623 Budgeted selling price $ = 28.57 Expected Returns units = 73 On the basis of the information provided, calculate Muscle Force’s total budgeted sales revenue for July 2019 (rounded to the nearest dollar)
Caravanning Around Sells 12 Volt Kettles In Their Retail Outlets For $30. Using The
Caravanning Around sells 12 volt kettles in their retail outlets for $30. Using the following information calculate the expected dollar value of the opening inventory. (round to the nearest dollar) Budgeted unit sales units = 271 Expected closing inventory units= 57 Budgeted Purchases units= 268 Budgeted Purchase Price $= 18
MULTI ANSWER: Which Of The Following Items Would Usually Be Classified As A Current
MULTI ANSWER: Which of the following items would usually be classified as a current asset in a budgeted balance sheet? a. Bank overdraft b. Accounts receivable c. Cash at bank d. Inventory e. Fixtures and fittings
MULTI ANSWER: If A Retailer Ceases To Trade Which Of The Following Would No
MULTI ANSWER: If a retailer ceases to trade which of the following would no longer be required? a. Inventory b. Employees c. Advertising d. Shop equipment e. Retail space
Willow Designs Have Provided You With The Following Relevant Information: Desired Ending Inventory 2019
Willow Designs have provided you with the following relevant information: Desired ending inventory 2019 $= 45,673 Expected sales 2019 $= 382,038 Opening inventory 2019 $= 41,498 Cost of goods sold is 45% of budgeted sales On the basis of the information provided, calculate the total budgeted purchases for 2019 (rounded to the nearest dollar)
MULTI ANSWER: Which Of The Following Characteristics Would Indicate That A Person Was A
MULTI ANSWER: Which of the following characteristics would indicate that a person was a critical thinker? a. Objective and without bias b. Values the appearance of truth c. Open to new ideas d. Independent and relies on their own conclusions e. Readily accepts the beliefs of others
Jingle Bells Sells Large Christmas Bells And Based On The Following Information Have Asked
Jingle Bells sells large Christmas bells and based on the following information have asked you to calculate the expected profit (rounded to the nearest dollar). Selling Price per unit $ = 17 Variable Cost per unit $ = 9.1 Total Fixed Cost $ = 9,331 Expected Sales units = 13,854
MULTI ANSWER: To Calculate The Break-even Point A Manager Would Need To Know The
MULTI ANSWER: To calculate the break-even point a manager would need to know the a. rate of inflation b. selling price per unit c. variable cost per unit d. total fixed costs e. current interest rate
MULTI ANSWER: A Business Plan Typically Includes Which Of The Following Components? A. Environmental
MULTI ANSWER: A business plan typically includes which of the following components? a. Environmental management plan b. Business description c. Marketing plan d. Projected balance sheet e. Operating plan
MULTI ANSWER : Budgeting Is A Useful Planning Tool For A Manager As It
MULTI ANSWER : Budgeting is a useful planning tool for a manager as it provides which of the following? a. Order and detail to the planning process b. An opportunity to find inconsistencies or omissions before they lead to potential problems c. A more complete and detailed planning process d. Provides information based only on past activity e. Makes it easier for the manager to foresee what might happen
Blues For You Is Evaluating A Special Order For 10,000 Slimline Jeans And Would
Blues for You is evaluating a special order for 10,000 slimline jeans and would like to know how much profit they could make if they accept this special order. Using the information below calculate the expected profit (round to the nearest dollar) if the order for 10,000 slimline jeans is accepted: Break even point units = 7,852 Selling Price per unit $ = 82 Variable Cost per unit $ = 50
MULTI ANSWER: When Preparing A Retail Business’cash Flow Statement Which Of The Following Activities
MULTI ANSWER: When preparing a retail business’cash flow statement which of the following activities are used for the cash inflows and cash outflows? a. Investing Activities Section b. Selling Activities Section c. Financing Activities Section d. Operating Activities Section e. Purchasing Activities Section
The Benefits And Costs Of Decentralized Decision Making. Whole Foods Market, Inc. (now A
The Benefits and Costs of Decentralized Decision Making. Whole Foods Market, Inc. (now a part of Amazon.com, Inc.) is a chain of grocery stores emphasizing natural and organic products. Starting out with a single store in 1980, the company has grown to over 400 stores in North America and the United Kingdom. As a part of the corporate culture, local and regional managers had wide discretion on sourcing and operations. Such discretion can lead to increased costs in the form of administrative duplication. Recently, Whole Foods “is whittling away at some of that autonomy in an effort to reduce costs and boost its clout with suppliers.” One way the company will do this “is shifting more responsibility for buying packaged foods, detergents and other nonperishable items for the more than 430 stores to its Austin, Texas, headquarters.” At the same time, the company recognizes the benefits to decentralized authority. While taking duplication out of the system, the company wants to retain the elements that are important to the company. “We want to evolve the structure in such a way that we take out redundancy and waste, and at the same time though, we’re not diminishing the culture, the empowerment efforts that make Whole Foods Market special,” he [John Mackey, CEO] told analysts in November. As of early 2018, the expected benefits have failed to materialize. As an example, items were sometimes out of stock after the store began using an inventory system as directed by corporate management. This is an example of how difficult it can be to implement new policies that run counter to established corporate cultures. Required: What best describes the cost(s) Whole Foods likely hoped to reduce by removing some of the authority of local managers to source food and make operational decisions?
What Are Two Sources Of Tax Guidance (e.g. IRS Code, Revenue Procedure) For Partnership,
What are two sources of tax guidance (e.g. IRS code, Revenue Procedure) for Partnership, C corporation, and S corporation? How does it define a component of the tax policy for that form of organization?
1. On December 1, Year 1, EI Primero Company Purchase Inventory From A Foreign
1. On December 1, Year 1, EI Primero Company purchase inventory from a foreign supplier for 40,000 coronas. Payment will be made in 90 days after EI Primero has sold this merchandise. Sales are made rather quickly, and EI Primero pays this entire obligation on February 15, Year 2. The following exchange rates for 1 corona apply: Date US Dollar Per Corona December 1, Year 1 $0.87 December 31, Year 2 $0.82 February 15, Year 2 $0.91 Required: Prepare all journal entries for EI Primero in connection with the purchase and payment.
2. The Budvar Company Sells Parts To A Foreign Customer On December 1, Year
2. The Budvar Company sells parts to a foreign customer on December 1, Year 1, with payment of 20,000 crowns to be received on March1, Year 2. Budvar enters into a forward contract on December1, Year 1 , to sell 20,000 crowns on March1, Year 2. Relevant exchanges rates for the crown on March1, Year2. Relevant exchange rates for the crown on various dates are as follows: Date Spot Rate Forward Rate (to March 1, Year 2) December 1, Year 1 $1 $1.04 December 31, Year 1 $1.05 $1.10 March 1, Year 2 $1.12 Budvar/s incremental borrowing rate is 12 percent. The Present Value factor for two months at an annual interest rate of 12 percent (1 percent per month) is 0.9803. Budvar must close its books and prepare financial statements at December 31. Required: a. Assuming that Budvar designates the forward contract as a cash flow hedge of a foreign currency receivable, prepare journal entries for these transactions in US dollars. What is the impact on Year 1 net income ? What is the impact on Year 2 net income ? What is the impact on net income over the two accounting periods ? b. Assuming that Budvar designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journal entries for these transactions in US dollars. What is the impact on Year 1 net income ? What is the impact on Year 2 net income ? What is the impact on net income over the two accounting periods ?
3. Zesto Company (a US Company) Establishes A Subsidiary In Mexico On January 1,
3. Zesto Company (a US company) establishes a subsidiary in Mexico on January 1, Year 1. The subsidiary begins the year with 1,000,000 Mexican pesos (MXN) in cash and no other assets or liabilities. It immediately uses MXN 600,000 to acquire equipment. Inventory costing MXN 300,000 is acquired evenly throughout the year and sold for Mex 500,000 cash. A dividend of MXN 100,000 is paid to the parent on October 1, Year 1. Depreciation on the equipment for the year is MXN 60,000. Currency exchange rates between the US dollar and MXN for Year 1 are as follows: 1-Jan 0.09 1-Oct 0.08 31-Dec 0.078 Average for the year 0.085 Required: Determine the amount of remeasurement loss under the temporal method to be recognized in the Year 1 consolidated income statement.
4. China Petroleum
4. China Petroleum
Prepare Your Solution To Each Of The Following Questions Using Excel. 1) Larry Matt
Prepare your solution to each of the following questions using Excel. 1) Larry Matt completed these transactions during December of the current year: Dec. 1 Began a financial services practice by investing $15,000 cash and office equipment having a $5,000 value. 2 Purchased $1,200 of office equipment on credit. 3 Purchased $300 of office supplies on credit. 4 Completed work for a client and immediately received a payment of $900 cash. 8 Completed work for Precept Paper Co. on credit, $1,700. 10 Paid for the supplies purchased on credit on December 3. 14 Paid for the annual $960 premium on an insurance policy. 18 Received payment in full from Precept Paper Co. for the work completed on December 8. 27 Larry withdrew $650 cash from the practice to pay personal expenses. 30 Paid $175 cash for the December utility bills. 30 Received $2,000 from a client for financial services to be rendered next year. Requirement: Prepare general journal entries to record these transactions.
Please Use The Quotations Of Exchange Rates To Find Out One Triangular Arbitrage
Please use the quotations of exchange rates to find out One triangular arbitrage and one rectangular arbitrage. With brief description and detailed computations. use two currencies
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