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jasuog
Moderator
Sep 29, 2023
In General Discussions
For Year 1, the Franklin Corp. has beginning inventory of $41,875 and ending inventory of $32,109. Purchase returns and freight in are $20,200 and $24,360, respectively. Purchases are $112,800 and freight out is $5,733. How much is cost of goods sold for Year 1?
A. $118,406
B. $134,475
C. $158,835
D. $126,726
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jasuog
Moderator
Apr 04, 2023
In General Discussions
A consultant has the following income items: Self Employment Income: $55,000 Rental Income: $30,000 Dividend Income: $4,500 Long-Term Capital Gain: $3,600 Short Term Capital Loss: $2,200 What should the consultant report as passive income? a. $30,000 b. $31,400 c. $35,900 d. $34,500
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jasuog
Moderator
Mar 07, 2023
In General Discussions
Sam rents his second home. During the current year, he reported a $40,000 net loss from the rental. Assume Sam actively participates in the rental activity and no phase-out limitations apply. What is the greatest amount of the rental loss that Sam can deduct against ordinary income in the current year? Options: a. $25,000 b. $40,000 c. $0 d. $5,000
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jasuog
Moderator
Feb 19, 2023
In General Discussions
Martin Pharmaceutical Co. is currently involved in two lawsuits. One is a class-action suit in which consumers claim that one of Martin’s best-selling drugs caused severe health problems. It is reasonably possible that Martin will lose the suit and have to pay $20 million in damages. Martin is suing another company for false advertising and false claims against Martin. It is probable that Martin will win the suit and be awarded $5 million in damages. What amount should Martin record on its financial statements as a result of these two lawsuits? A. $0 B. $5 million income C. $15 million expense D. $20 million expense
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jasuog
Moderator
Jan 24, 2023
In General Discussions
On December 12, Year 1, a company entered a forward exchange contract to sell 100,000 euros in 90 days. The relevant exchange rates are as follows: Forward rate for Date Spot Rate March 12, Year 2 December 12, Year 1 $0.88 $0.90 December 31, Year 1 $0.98 $0.93 The forward contract is being used for speculation. At December 31, Year 1, what amount of foreign currency transaction gain or loss should the company include in income from this forward contract? a. $0 b. $3,000 loss c. $3,000 gain d. $10,000 loss
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jasuog
Moderator
Nov 08, 2022
In General Discussions
Sam rents his second home. During the current year, he reported a $40,000 net loss from the rental. Assume Sam actively participates in the rental activity and no phase-out limitations apply. What is the greatest amount of the rental loss that Sam can deduct against ordinary income in the current year? _$25,000 _$40,000 _$0 _$5,000
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jasuog
Moderator
Oct 04, 2022
In General Discussions
The price elasticity of demand for widgets is 1.1 and the quantity demanded is 5,000 units. The price increases by 8%. What is the new quantity demanded? _440 _4,560 _5,440 _4,780
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jasuog
Moderator
Sep 06, 2022
In General Discussions
A company reported the below information as of December 31st. Ignoring income taxes, what amount should the company report comprehensive income as of December 31st? Sales revenue $350,000 Cost of goods sold $150,000 Operating expenses $110,000 Foreign currency translation gain $25,000 _ $90,000 _$125,000 _$110,000 _$115,000
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jasuog
Moderator
Apr 04, 2022
In General Discussions
Grant Co.'s sales budget shows the following projections for the year ending December 31: Quarter Units First 30,000 Second 40,000 Third 22,500 Fourth 27,500 Total 120,000 Inventory at the beginning of the year was budgeted at 9,000 units. The quantity of finished goods inventory at the end of each quarter is to equal 30% of the next quarter's budgeted sales of units. What amount should the production budget show for units to be produced during the first quarter? A. 36,000 B. 33,000 C. 24,000 D. 12,000
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jasuog
Moderator
Feb 24, 2021
In General Discussions
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