Acct 402 Schedule C Richard Head operates his private detective business as a sole-proprietorship. The tax year 2015 was his second year as a self-employed private detective, attached is his Income Statement for 2015. In 2014 he used the standard mileage rate to calculate his business auto deduction, In 2015 he drove his 2006 Impala a total of 25,000 miles, of which 20,000 miles was for business and 5,000 personal (including 2,000 miles commuting). Mr. Head’s only other source of income was $5,000 in wages from School as an adjunct physics professor. Why might Mr. Head not want to elect Section 179 RICHARD HEAD, PRIVATE EYE, INCOME STATEMENT-CASH BASIS YEAR ENDED December 31,2015 Revenue from fees                                                                                          120.000 Bank int

Shell Company, an 85% owned subsidiary of Plaster Company, sells merchandise to Plaster Company at a markup of 20% of selling price. During 2011 and 2012, intercompany sales amounted to $442,500 and $386,250, respectively. At the end of 2011, Plaster had one-half of the goods that it purchased that year from Shell in its ending inventory. Plaster's 2012 ending inventory contained one-fifth of that year's purchases from Shell. There were no intercompany sales prior to 2011. Plaster had net income in 2011 of $750,000 from its own operations and in 2012 its independent income was $780,000. Shell reported net income of $322,500 and $335,400 for 2011 and 2012, respectively. Required: A. Prepare in general journal form all entries necessary on the consolidated financial statement workpapers to eliminate the effects of the intercompany sales for each of the years 2011 and 2012. B. Calculate the amount of noncontrolling interest to be deducted from consolidated income in the consolidated incom

A firm sells its $1,100,000 receivables to a factor for $1,078,000. The average collection period is 1 month. What is the effective annual rate on this arrangement? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

2. Microbiotics currently sells all of its frozen dinners cash on delivery but believes it can increase sales by offering supermarkets 1 month of free credit. The price per carton is $180, and the cost per carton is $105. The unit sales will increase from 1,130 cartons to 1,190 per month if credit is granted. Assume all customers pay their bills and take full advantage of any credit period offered. a. If the interest rate is 1% per month, what will be the change in the firm's total monthly profits on a present value basis if credit is offered to all customers? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Change in total monthly profit $ b. If the interest rate is 1.5% per month, what will be the change in the firm's total monthly profits on a present value basis if credit is offered to all customers? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Change in total monthly profit $ c. Assume the interest rate is 1.5% pe

Describe the GRANT function and explain, how it relates to security. What types of privileges may be granted? How are they revoked?

(Issuance of Bonds with Detachable Warrants) On September 1, 2014, Universal Coat Company sold at 104 (plus accrued interest) 3,000 of its 8%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Each bond carried two detachable warrants. Each warrant was for one share of common stock at a specified option price of $15 per share. Shortly after issuance, the warrants were quoted on the market for $3 each. No market value can be determined for the Universal Coat Company bonds. Interest is payable on December 1 and June 1. Bond issue costs of $30,000 were incurred. Instructions Prepare in general journal format the entry to record the issuance of the bonds. v

set 1  1. (TCO A) An advantage of the corporate form of business is that _____. (Points : 5) it has limited life its owner's personal resources are at stake its ownership is easily transferable via the sale of shares of stock it is simple to establish 2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5) the most common form of distribution is a cash dividend the Dividends account will be increased with a credit the Retained Earnings account will be directly increased with a debit the Dividends account will be decreased with a debit 3. (TCOs A, B) Below is a partial list of account balances for Denton Company: Cash $7,000 Prepaid insurance 700 Accounts receivable 3,500 Accounts payable 2,800 Notes payable 4,200 Common stock 1,400 Dividends 700 Revenues 21,000 Expenses 17,500 What did Denton Company show as total credits? (Points : 5) $30,100 $29,400 $28,700 $30,800 4. (TCOs B, E) A small and private company may be able to justify using a cash basis of accounting if

QUESTION 1. PAGE ATC 8-1 (Pg. 391-392) please answer the questions below. You must use the textbook for a reference QUESTIONS 2 AND 3 MUST BE 200 WORDS. Please contact support team to get the books from the course

Strickland Co. currently charges manufacturing over-head costs to products using machine hours. However, company management believes that the use of ABC would provide more realistic cost estimates and, in turn, give the company an edge in pricing over its competitors. Strickland’s accountant and production manager have provided the following budgeted information for 2014, given a budgeted capacity of 1,000,000 machine hours:
A national construction company approached Pete Lang, the VP of marketing, about a bid for 2,500 doors. Lang asked the cost accountant to prepare a cost estimate for producing the 2,500 doors

4A. January 1, 2016, Brandon Company issued $100,000 of 5 year 9% bonds when the market rate of interest was 10%. Brandon received $96,149 for the bond issue. The bonds pay interest on July 1 and January 1. 4B. January 1,2016 ABC Company issues $100,000 of 5 year 9% bonds to yield $104,100 when the market rate of interest is 8%.The bonds pay interest on July 1 and January 1. . Requirements: Prepare all general journal entries for the 2 bonds issued and any interest accruals and payments for the fiscal year 2016. What is the carrying amount on the December 31, 2016 Balance Sheet for 4A. and 4B?