Problem 1-2 (Algorithmic)
The Tax Formula for Individuals (LO 1.3)
Jason and Mary are married taxpayers in 2015. They are both under age 65 and in good health. For this
tax year, they have a total of $76,900 in wages and $330 in interest income. Jason and
The calculation of taxable income begins with gross income.
Gross income includes all income, unless the tax law
provides for a specific exclusion. The exclusions from gross
income are discussed in
Deductions for Adjusted Gross I
Cost of Goods Sold
L01: Trace the flow of inventory costs from manufacturing
companies to merchandising companies
L02: Understand how cost of goods sold is reported in a
multi-step income statement
1/ Wesley owns and operates the Cheshire Chicken Ranch in Turpid, Nevada. The income from this
ranch is $49,000. Wesley wishes to use the easiest possible tax form. He may file:
2/ Eugene and Velma are married. For 2015, Eugene earned $25,000 an
What is a Current Liability?
Two key features:
1. Company expects to pay the debt from existing current
assets or through the creation of other current
2. What base amount is used for vertical analysis of an income statement?
5. What do profitability ratios represent?
The profitability ratios represent for the companys ability to generate a profit to investor.
7. what do solvency ra
Case Summary Kn
Jack Lambeth owns and operates a small cabinetm . - p. e case asks students to
lIanslate Septembers business events into a balance sheet I I Ie statement. In addition, as
September draws to a close, Lambeth has the opportuni . ~ .I It an o
Create a rendered animation using Photoshop Motion Settings
Use real world images mixed with digital generated images (frame by frame
and cel) to create an interesting Personal narrative.
Photoshop document should be
The Accounting Cycle:
During the Period
LO1: Identify the basic steps in measuring external
L02: Analyze the impact of external transactions on the
L03: Assess whether th
I. Learning Unit 2: Chapter 2: Shannons Tutoring Corporation
Six shareholders were elected to the Board of Directors. Two of the Board members form the
Audit Committee and they requested that you document all transactions in the General Journal,
Always increases an account.
Is the right-hand side of a Taccount.
Always decreases an account.
Is the left-hand side of a Taccount.
Is not need to record a
All of the following are true regardi
Began business by depositing $7500 in a bank account in the name of the company in exchange
750 shares of $10 per share common stock.
Paid the rent for the current month, $1150 .
Paid the premium on a one-year insurance policy, $1080 .
A Framework for
LO1: Describe the 2 primary functions of financial accounting
L02: Understand the business activities that financial
L03: Determine how financial acco
3.What does it mean when a cell or cells in worksheet include a series of # signs?
It means the column width is too small to display the value.
5. How do you control the appearance of the data in a worksheet?
It can be controlled by select the ce
ACCT 4311 Quiz 4
Which of the following is not typical of traditional costing systems?
a. Use of a single predetermined overhead rate.
b. Use of direct labor hours or direct labor cost to assign overhead.
c. Assumption of correlation between dire
ACCT 4311 Quiz 6-1
For Buffalo Co., at a sales level of 5,000 units, sales is $75,000, variable expenses total $50,000,
and fixed expenses are $21,000. What is the contribution margin per unit?
Hyung Shin Park
Case Study: Blackheath Manufacturing Company - Revisited
1. Ngan Dinh
2. Jackie Ho
3. Yoonhwa Choi
4. Bryan Forsberg
5. Max Fuller
Sales Budget for the first quarter
b. EV = $400,000 regardless of review process. The company should except the manuscript.
c. Do not do the manuscript review, because review cannot alter the decision to accepting the
d. EVwPI = $487,500
EVwoPI = $400,000
EVPI = $87,500
Solution to BE21-12
The need for a correcting entry depends on when the error is discovered. Since the error
is discovered later than 2015, the error has already self-corrected and no correcting
entry is needed.
Solution to BE21-13
The need for a correcti
ACCT 4311 Quiz 6
36.For Buffalo Co., at a sales level of 5,000 units, sales is $75,000, variable expenses total $50,000, and
fixed expenses are $21,000. What is the contribution margin per unit?
If contribution margin is $120,000
ACCT 4311 Quiz 6-2
For Wickham Co., sales is $2,000,000, fixed expenses are $600,000, and the contribution margin
ratio is 36%. What is required sales in dollars to earn a target net income of $400,000?
TIME VALUE OF MONEY CALCULATIONS
Future value of a single amt: is the amt to which current savings will grow based on a certain interest rate & a
Ex: deposited amt : $100 ;
interest rate %6 (annual )
Absorption costing- all manufacturing costs, both fixed and variable, are assigned to
units of productunits are said to fully absorb manufacturing costs.
Job-order costing- is used in situations where many different products, each with
Direct cost- Can be easily and conveniently traced to a specific cost object. Ex: Reebok
assigning costs to its various regional and national sales offices, then the salary of the
sales manager in Tokyo office wou