Details of this Paper

accounts data bank

Description

solution


Question

Question;11. During the third quarter of 2008, Pride Company;sold a piece of equipment at an $8,000;gain. What portion of the gain should Pride report in its income statement for;the third;quarter of 2008?;A. $0;B. $2,000;C. $4,000;D. $8,000;12. On March 15, 2009, Clarion Company paid property;taxes of $60,000 on its factory building for calendar year 2009. On July 1;2009, Clarion made $40,000 in unanticipated repairs to its machinery. The;repairs will benefit operations for the remainder of the calendar year. What;total amount of these expenses should be included in Clarion's quarterly income;statement for the three months ended September 30, 2009?;A. $55,000;B. $15,000;C. $35,000;D. $40,000;Forge Company, a calendar-year entity, had 6,000;units in its beginning inventory for 2008. On December 31, 2007, the units had;been adjusted down to $470 per unit from an actual cost of $510 per unit. It;was the lower of cost or market. No additional units were purchased during;2008. The following additional information is provided for 2008;Forge does not have sufficient experience with the seasonal market for its;inventory units and assumes that any reductions in market value during the year;will be permanent.;13. Based on the preceding information, the cost of;goods sold for the first quarter is;A. $636,000;B. $564,000;C. $546,000;D. $624,000;14. Based on the preceding information, the cost of;goods sold for the second quarter is;A. $416,000;B. $364,000;C. $304,000;D. $424,000;15. Based on the preceding information, the cost of;goods sold for the year 2008, is;A. $2,080,000;B. $1,880,000;C. $1,835,000;D. $1,910,000;16. Samuel Corporation foresees a downturn in its;business in the medium term. It expects to sustain an operating loss of;$160,000 for the full year ending December 31, 2008. Samuel's tax rate is 35;percent. Anticipated tax credits for 2008 total $8,000. No permanent;differences are expected. Realization of the full tax benefit of the expected;operating loss and realization of anticipated tax credits are assured beyond;any reasonable doubt because they will be carried back. For the first quarter;ended March 31, 2008, Samuel reported an operating loss of $30,000. How much of;a tax benefit should Samuel report for the interim period ended March 31;2008?;A. $8,000;B. $12,000;C. $13,500;D. $15,500

 

Paper#45027 | Written in 18-Jul-2015

Price : $22
SiteLock