A popular product of Loring Glassworks is a hand-decorated vase. The company's standard cost system calls for 1.25 hours of direct labor per vase, at a standard wage rate of $14. During Septem- ber, Loring produced 5,000 vases at an actual direct labor cost of $82,500 for 7,500 direct labor hours. What is the actual wage rate per hour? Compute the labor rate and efficiency variances for the month. Was paying workers the actual wage rather than the standard wage an effective strategy for Loring?

Q: manufactures video games that it sells for $43 each. The company uses a fixed manufacturing overhead…

A: As per the Honor code of Bartleby we are bound to give the answer of first three sub part only,…

Q: In 2021, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax…

A: Medical expenses are the costs to treat or prevent an injury or disease, such as health insurance…

Q: On the first day of its fiscal year, Chin Company issued $16,900,000 of 5-year, 9% bonds to finance…

A: The bonds are the Financial instruments that are issued to raise the money from the market or…

Q: A company includes one coupon in each box of cat food it sells. In return for 20 coupons and a…

A: Expenses need to be book with amount actually spent. For balance expected expenses we have to book…

Q: Ayayai Corp, has income from continuing operations of $430,000 for the year ended December 31, 2022.…

A:

Q: Journalize the following entries on the books of the borrower and creditor. Label accordingly.…

A: Journal is a book used to record of day to day transactions of the business.

Q: Concord Corporation's charter authorized issuance of 96,000 shares of $10 par value common stock and…

A: The company issues either common shares or preferred shares. When the company issues these shares…

Q: During the months of January and February, Hancock Corporation sold goods to three customers. The…

A: The gross amount of sales represents the total sales revenue for the period. The net sales are…

Q: Use this information about Department G to answer the question that follows. Department G had 1,920…

A: Units started and completed = Units completed - Beginning work in process Units started and…

Q: The president of Plain Corp., Joyce Lima, is thinking of purchasing Blue Spruce Corporation. She…

A: Goodwill is an intangible asset which arises out of transactions like business combinations, mergers…

Q: ces A piece of labor-saving equipment has just come onto the market that Mitsul Electronics,…

A: Payback period of investment means in how much years or period the amount of initial investment will…

Q: Colorado Mining paid $616,000 to acquire a mine with 44,000 tons of coal reserves. The financial…

A: Lets understand the basics. Depletion method is used where extraction of minerals are made by the…

Q: 2. Chapter 9 Homework. Help

A: Prepare journal entry for the issuance of bonds:

Q: On January 16 of year 1, Javier purchased a building, including the land it was on, to assemble his…

A: Accelerated method of depreciation consider the more depreciation during initial years but consider…

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…

Q: Tabitha sells real estate on March 2 of the current year for $308,800. The buyer, Ramona, pays the…

A: Property tax also referred to as the real estate tax is the tax calculated on the value of the…

Q: Required information [The following information applies to the questions displayed below.] Jacob is…

A: Qualified business income refers to the deduction of tax that is allowed to small business and…

Q: is the following action or situation a violation of the AICPA Code of Professional Conduct? CPA…

A: AICPA code of Professional conduct is a collection of codes and statements that a CPA must adhere to…

Q: red on a thly basis and needs to be paid ember 31, 2024. How much does the insurance policy cost per…

A: Accrual entry concept os an important concept of accounting. Accrual concept means the expenses are…

Q: Problem 5-15 Medical Expenses (LO 5.6) In 2021, Margaret and John Murphy (age 66 and 68,…

A: Deductions are the  expenses that are subtracted from the taxpayer's gross income (GI)  to reduce…

Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near…

A: Planning a budget involves creating a spending plan that outlines how much money an organization has…

Q: Norris Company uses the perpetual inventory system and had the following purchases and sales during…

A: Lets understand the basics. In FIFO basis company assumes that, goods purchased first are sold…

Q: Record the Year 3 transactions in a statements model. (

A: A horizontal statements model is actually the statement or the worksheet in which the effects of…

Q: Vermont Automotive is a regional chain of auto parts stores. The managers of the Individual stores…

A: The question has multiple sub parts. As if it's not enough, the last sub part has further sub parts.…

Q: 2. Homework Chapter 10

A: In Stock split offers are given to the present investor's in extent of their current offers. It is…

Q: 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three…

A: Solution: % of completion = Cost incurred to Date / Total Estimated costs Gross profit for the year…

Q: Cullumber Manufacturing Company had a $300 credit balance in Allowance for Doubtful Accounts at…

A: Bad debts expense: Bad debts expense is recognized in the books of the company when a debtor is…

Q: 6. Homework Chapter 10

A: March 1 Journal entry:

Q: During the first week in November, Erin Mills worked 45.50 hours and produced 1,289 units under a…

A: The profits of an organisation are its earnings. They are obtained by deducting operational…

Q: (A) Under the percentage-of-sales method, the uncollectible account expense would be: a. $3,000 b. $…

A: The amount of accounts receivable that a company may be unable to collect from its customers is…

Q: MARIE AND RAMESH FORM ROUNDTREE CORPORATION WITH THE TRANSFER OF THE FOLLOWING. MARIE PERFORMS…

A: Introduction: The Fair Market Value (FMV) is the current price that an interested buyer in the open…

Q: Required: 1. Determine budgeted cash collections for July and August. 2. Determine budgeted cash…

A: Cash Budget is prepared by the business entity to estimate the cash requirement in the budgeted…

Q: An investment project has annual cash inflows of $3,700, $4,600, $5,800, and $5,000, for the next…

A: Discounted payback period refers to the number of years it takes for the present value of cash…

Q: Selma operates a contractor's supply store. She maintains her books using the cash method. At the…

A: Accrual method A method of accounting that records the revenue or incomes when it is earned and…

Q: Required information [The following information applies to the questions displayed below.] In its…

A: Introduction: - FIFO means First-in-first-out It is one of the inventory valuation method. As per…

Q: QS 26-23 (Algo) Internal rate of return LO P4 Perez Company is considering an investment of $21,530…

A: Internal rate of return is the modern method of capital budgeting that is used to determine the…

Q: Bandar Industries manufactures sporting equipment. One of the company's products is a football…

A: Materials spending variance = (Actual quantity*Actual price)-(Standard quantity*Standard price)…

Q: Clay Company started construction of a new office building on January 1, year 4, and moved into the…

A: Construction contracts costing is one of the important form of costing. Under this, costs are…

Q: Pharoah Company adopts acceptable accounting for its defined benefit pension plan on January 1,…

A: A defined benefit pension plan is provided by employers as a retirement pension plan for employees…

Q: Adjustments and Errors At the end of May, the first month of operations, the following selected data…

A: Accounting Equation is calculated using following equation -Assets = Liabilities + EquityEvery…

Q: a. Estimate an asset beta for Sinaloa Appliance. Note: Round intermediate calculations and final…

A: The beta for all the five firms has been given in the question and in order to determine the asset…

Q: If Sally Jones works 40 hours a week at Home Depot and makes $15.00 an hours, what would her net pay…

A: Social security contributions seem to be mandatory payments made to the government entity that…

Q: Pinnacle Inc., manufactures curtains to client specifications. It has two cost categories that are…

A: The total cost of job comprises direct materials, direct labor and manufacturing overhead cost. The…

Q: Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Enter all…

A: It has been assumed that only the attached part is required to solve for 2019. The figures for…

Q: After several profitable years running her business, Ingrid decided to acquire the assets of a small…

A: To calculate the amortization expense for the phone list acquired by Ingrid, we need to use the…

Q: [The following information applies to the questions displayed below.] Winkin, Blinkin, and Nod are…

A: Answer:- Corporation:- An entity that has a legal existence in the eyes of law and is taxed…

Q: While completing undergraduate school work in information systems, Dallin Bourne and Michael Banks…

A: Section 179 Expenses: Businesses are entitled to immediately deduct costs associated with operating…

Q: Armando Hernandez Fashions, Inc. sponsors a defined-benefit pension plan for its employees. The…

A: Calculation of Ending Balance of PBO Particulars Amount ($) Opening Balance of PBO 678,000…

Q: aying of its own common stock with a fair value of $40 per share. Parent paid legal and accounting…

A: Solution: 1. Land =  $767,500 + $114,700  = $ 882,200 2.  Building and equipment = $780,000 +…

Q: Prepare a multiple-step income statement.

A: Income statement represents the net income or net loss that is calculated by deducting the expenses…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.