In 2014, its first year of operations, Kimble Corp. had an $800,000 net operating loss. In 2015, Kimble has $350,000 taxable income. The tax rate for both years is 30%.
Required:
a. Give all entries needed in 2014.Assume the management of Kimble Corp. thinks that it is more likely than not that the loss carry forward will not be realized in the near future because it is a new company (this is before results of 2015 operations are known).
b. Give all entries needed in 2015. Assume that at the end of 2015 it is more likely than not that $60,000 of the deferred tax asset will not be realized.

Answer:

A. 2014

Dr Deferred Tax Asset $240,000

Cr Benefit Due to Loss Carryforward $240,000

Dr Benefit Due to Loss Carryforward $240,000

Cr Allowance to Reduce Deferred Tax Asset to Expected Realizable Value $240,000

B. 2015

Dr Income Tax Expense $105,000

Cr Deferred Tax Asset $105,000

Dr Income Tax Expense $60,000

Cr Allowance to Reduce Deferred Tax Asset to Expected Realizable Value $60,000

Explanation:

A. Preparation of the Journal entries needed in 2014

Dr Deferred Tax Asset $240,000

($800,000 × 30%)

Cr Benefit Due to Loss Carryforward $240,000

Dr Benefit Due to Loss Carryforward $240,000

Cr Allowance to Reduce Deferred Tax Asset to Expected Realizable Value $240,000

($800,000 × 30%)

B.Preparation of the Journal entries needed in 2015

Dr Income Tax Expense $105,000

($350,000 × 30%)

Cr Deferred Tax Asset $105,000

Dr Income Tax Expense $60,000

Cr Allowance to Reduce Deferred Tax Asset to Expected Realizable Value $60,000

The company budgeted for production of 2,400 units in June, but actual production was 2,500 units. The company used 19,850 pounds of direct material and 980 direct labor-hours to produce this output. The company purchased 21,700 pounds of the direct material at $6.70 per pound. The actual direct labor rate was $19.20 per hour and the actual variable overhead rate was $1.80 per hour.

The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.

The variable overhead efficiency variance for June is: _________

a. $36 U
b. $36 F
c. $40 U
d. $40 F

I dont have much time, answer ASAP! Carol works as a manager in her company. The vice president of finance occasionally advises her about her work, although she doesn't directly report to him. What kind of organizational structure does Carol's company follow?
Carol's company follows the _____.​

Management of Mittel Company would like to reduce the amount of time between when a customer places an order and when the order is shipped. For the first quarter of operations during the current year the following data were reported:

Inspection time 0.2 days
Wait time (from order to start of production) 17.0 days
Process time 3.1 days
Move time 0.9 days
Queue time 4.2 days

Required:
a. Compute the throughput time. (Round your answer to 1 decimal place.)
b. Compute the manufacturing cycle efficiency (MCE) for the quarter.
c. What percentage of the throughput time was spent in non–value-added activities?
d. Compute the delivery cycle time.
e. If by using Lean Production all queue time during production is eliminated, what will be the new MCE?

What is the term for the daily activity of handling economic resources and planning for future economic goals?

McCanless Co. recently purchased an asset for $2,100,000 that will be used in a 3-year project. The asset is in the 3-year MACRS class. The depreciation percentage each year is 33.33 percent, 44.45 percent, 14.81 percent, and 7.41 percent, respectively. What is the amount of depreciation in Year 2

Symphony Inc. has a culture of open communication and trust. Joel, an HR Manager at the company, wants to assess the level of current employee satisfaction and engagement. He has planned to conduct interviews with the employees of the organization to gain valuable insights on what motivates them to continue working for the organization. Which of the following types of interviews should Joel conduct in this scenario?
a. A job interview
b. An appraisal interview
c. A stay interview
d. An exit interview

A disadvantage of the corporate form of business ownership is that:
a) shareholders receive dividends.
b) most shareholders have little direct control over how the company is managed.
shareholders are not personally liable for the debts
of the corporation except to
the extent of their investment.
c)the life of the corporation is ongoing even after the death of a shareholder.

On January 1, 2021, Crane Corporation had 980,000 shares of common stock outstanding. On March 1, the corporation issued 120,000 new shares to raise additional capital. On July 1, the corporation declared and issued a 2-for-1 stock split. On October 1, the corporation purchased on the market 450,000 of its own outstanding shares and retired them.

Required:
Compute the weighted average number of shares to be used in computing earnings per share for 2021.

Cityscape Hotels has 200 rooms available in a major metropolitan city. The hotel is able to attract business customers during the weekdays and leisure customers during the weekend. However, the leisure customers on weekends occupy fewer rooms than do business customers on weekdays.
Thus, Cityscape plans to provide special weekend pricing to attract additional leisure customers. A hotel room is priced at $180 per room night. The cost of a hotel room night includes the following:
Cost Per Room Night (at normal occupancy)
Housekeeping service................................................................$ 23
Utilities............................................................................................7
Amenities........................................................................................3
Hotel depreciation.........................................................................55
Hotel staff (excluding housekeeping)............................................42
Total....................................................................................$130
The special weekend price is proposed for $120 per room night. At this price, it is anticipated that average occupancy for the weekend (Friday, Saturday, and Sunday) will increase from 30% to 50% of available rooms.
A. What is the contribution margin for a room night under the normal pricing if only the hotel depreciation and hotel staff (excluding housekeeping) are assumed fixed for all occupancy levels?
B. Determine the contribution margin for a room night under the proposed weekend pricing.
C. Prepare a differential analysis showing the differential income for an average weekend between the existing (Alternative 1) and discount (Alternative 2) price plan.
D. Should management accept the proposed weekend pricing plan? Explain.

The owner of an office building is interested in selling the building in order to raise capital for development of a large shopping mall. The building has a 30-year, 7% mortgage with 20 years of remaining payments; the original mortgage principal was $200 million. The building is fully occupied by tenants who have long-term leases of at least 20 years. The owner enjoys net income of $1 million per month after paying all operating expenses and the mortgage payment. The new owner would be able to take over the existing mortgage. a. What is the minimum offer that the owner would accept, assuming th

A plant manager wants to know how much she should be willing to pay for perfect market research. Currently there are two states of nature facing her decision to expand or do nothing. Under favorable market conditions the manager would make $100,000 for the large plant and $5,000 for the small plant. Under unfavorable market conditions the large plant would lose $80,000 and the small plant would make $0. If the two states of nature are equally likely, how much should she pay for perfect information

Dennis Kozlowski, John Thain, and Raj Rajaratnam are former CEOs mentioned in the text that have been involved in corporate governance problems to one degree or another. What did Dennis Kozlowski do that was considered inappropriate behavior? Multiple Choice He provided insider information to the Goldman Sachs' board. He sold 500,000 shares of his personal stock right before a negative quarterly earnings report was released. He spent $2 million of company funds for his own birthday party. He created a Ponzi scheme that grew to $65 billion dollars before the SEC shut it down. He spent $1.2 million of company funds redecorating his office while demanding cost cutting from employees.

Jacques lives in Miami and runs a business that sells guitars. In an average year, he receives $793,000 from selling guitars. Of this sales revenue, he must pay the manufacturer a wholesale cost of $430,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $15,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Jacques does not operate this guitar business, he can work as a financial advisor, receive an annual salary of $50,000 with no additional monetary costs, and rent out his showroom at the $15,000 per year rate. No other costs are incurred in running this guitar business.
Identify each of Jake's costs in the following table as either an implicit cost or an explicit cost of selling guitars.
Implicit Cost Explicit Cost
The wages and utility bills that Jake pays
The salary Jake could earn if he worked as an accountant
The wholesale cost for the guitars that Jake pays the manufacturer
The rental income Jake could receive if he chose to rent out his showroom
Complete the following table by determining Jake's accounting and economic profit of his guitar business.
Profit (Dollars)
Accounting Profit
Economic Profit

According to the law of demand, as prices fall, ceteris paribus
quantity demanded decreases.
demand increases.
quantity demanded increases.
demand decreases

Mark has invested $300 at age 16 into a money market account earning 6%. What will his investment be worth?

explain 2 benefits of being self-employed. ​

What are the dimensions of organizational climate in restaurant management?

60. Pricing decisions may include which of the following?
a. Bundling
b. Pricing Strategy
C. Target group their concepts of Value
d. All of the above​

The market demand curve in perfect competition is found by A. the interaction of supply and demand at the individual firm and consumer levels. B. horizontally summing the demand curves of the individual consumers. C. utility maximizing behavior of the​ "representative consumer." D. horizontally summing the supply curves of the individual firms in the industry.

The phone rings in the next room and the assistant answers it. She tells the caller, "Yes, sir, they are here." She soon hangs up, and comes in with your coffee. She tells you that it should not be too much longer and again apologizes. She explains that the CEO doesn't answer his cell phone while driving. She says he waited to pull over to call her because he is a bit old fashioned. "He has a hands-free system but has found it a hassle to use," she says. She turns to leave, but you ask her to have a seat. You have an opportunity here. What would be most beneficial to ask the assistant at this time?

Influential factors such as cost, price, break-even analysis, sales potential,
and competition are evaluated as part of which phase? *
Concept development
Generating ideas
Screening ideas
Market Product
Product Development

Presented below are selected ledger accounts of Whispering Corporation as of December 31, 2020.

Cash $65,000
Administrative expenses 130,000
Selling expenses 104,000
Net sales 702,000
Cost of goods sold 273,000
Cash dividends declared (2020) 26,000
Cash dividends paid (2020) 19,500
Discontinued operations (loss before income taxes) 52,000
Depreciation expense, not recorded in 2019 39,000
Retained earnings, December 31, 2019 117,000

Effective tax rate 20%

Required:
a. Compute net income for 2020.
b. Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information.

Software Distributors reports net income of $48,000. Included in that number is depreciation expense of $6,500 and a loss on the sale of land of $4,300. A comparison of this year's and last year's balance sheets reveals a decrease in accounts receivable of $18,000, a decrease in inventory of $11,500, and an increase in accounts payable of $38,000. Required: Prepare the operating activities section of the statement of cash flows using the indirect method. (List cash outflows and any decrease in cash as negative amounts.)

Maxwell Machining is considering investing $100,000 in a new piece of machinery that will generate net annual cash flows of $50,000 each year for the next 5 years. The machine has a salvage value of $20,000 at the end of its 5 year useful life. Maxwell's cost of capital and discount rate is 10%. Which of the following tables and criteria should we use to discount the net annual cash flow?
a. PV of annuity table, n=5, i=10%
b. PV of a single sum table, n=5, i=10%
c. PV of a single sum table, n=1, i=10%
d. PV of annuity table, n=1, i=10%

If Wild Widgets, Inc., were an all-equity company, it would have a beta of .95. The company has a target debt-equity ratio of .40. The expected return on the market portfolio is 11 percent and Treasury bills currently yield 3.5 percent. The company has one bond issue outstanding that matures in 15 years and has a coupon rate of 6.5 percent. The bond currently sells for $1,080. The corporate tax rate is 21 percent.

Required:
a. What is the company's cost of debt?
b. What is the company's cost of equity?
c. What is the company's weighted average cost of capital?

Haruki's boss, Gabriel, tells him that because he has been such a valuable employee, he will receive an extra week of vacation. When Haruki decides to schedule the vacation, he reminds Gabriel of his statement. Gabriel says that he has changed his mind and that he really cannot afford to let Haruki have an extra week off. Haruki says that Gabriel has breached the contract he had with him for an extra vacation week. Assuming injustice cannot be established, who is right

2. In industries that process joint products, the costs of the raw materials inputs and the sales values of intermediate and final products are often volatile. Change the data area of your worksheet to match the following: If your formulas are correct, you should get the correct answers to the following questions. a. What is the overall profit if all intermediate products are processed into final products?

Lopez Corporation incurred the following costs while manufacturing its product.
Materials used in product $124,260 Advertising expense $49,670
Depreciation on plant 69,650 Property taxes on plant 21,750
Property taxes on store 8,290 Delivery expense 27,060
Labor costs of assembly-line 120,570 Sales commissions 43,390
Factory supplies used 25,810 Salaries paid to sales clerks 56,110
Work in process inventory was $13,700 at January 1 and $17,590 at December 31. Finished goods inventory was $66,410 at January 1 and $49,060 at December 31.
Compute the cost of goods manufactured.

Which of the following is recorded in a country’s balance of payments accounts?

A sum of money was shared
between Joan and Ngozi in the
ratio 5:3. If Joan's share was 40.00,
how much was the original sum of
money?​