Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

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Answer 1

Question

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

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Fiona Industries plans to produce 30,000 units next period at a denominator activity of 60,000 direct labor hours. The direct labor wage rate is $16.50 per hour. The company's standards allow 2.2 yards of direct materials for each unit of product; the material costs $10.50 per yard. The company's budget includes a variable manufacturing overhead cost of $3.25 per direct labor hour and fixed manufacturing overhead of $285,000 per period. Using 60,000 direct labor hours as the denominator activity, compute the predetermined overhead rate and break it down into variable and fixed elements.

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Answer 2

Question

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

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Answer 3

Question

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

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Answer 4

Question

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

Expert Solution & Answer

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Answer 5

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

Answer 6

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

Answer 7

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

Answer 8

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

Answer 9

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

Answer 10

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

Answer 11

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 1 - Prob. 1MC Ch. 1 - Prob. 2MC Ch. 1 - Prob. 3MC Ch. 1 - Prob. 4MC Ch. 1 - Prob. 5MC Ch. 1 - Prob. 1Q Ch. 1 - Prob. 2Q Ch. 1 - Prob. 3Q Ch. 1 - Prob. 4Q Ch. 1 - Prob. 5Q

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

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Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

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