Chapter 14, Problem 14.16E

Get correct answer accounting

Exercise 15-31 (Algo) International Transfer Prices: Ethical Issues (LO 15-4) Whitehill Chemicals has two operating divisions. Its Formulation Division In the United States mixes, processes, and tests basic chemicals, and then ships them to Ireland, where the company's Commercial Division uses the chemicals to produce and sell various products. Operating expenses amount to $277 million in the US. and $79.7 million in Ireland exclusive of the costs of any goods transferred from the US. Revenues In Ireland are $212 million. If the chemicals were purchased from one of the company's Irish mixing divisions, the costs would be $40.7 million. However, if it had been purchased from an Independent U.S. supplier, the cost would be $53.7 million. The marginal income tax rate is 20 percent in the U.S. and 12 percent in Ireland. Required: What is the company's total tax liability to both jurisdictions for each of the two alternativé transfer pricing scenarios ($40.7 million and $53.7 million)?…

To buy a jeep you can pay solve this accounting question answer

BC Construction Ltd was the low bidder on a construction project to build a skyscraper for $5,000,000. The project began in 2023 and completed in 2024. Cost and other data are presented below: 2023 2024 Costs incurred during the year $ 1,200,000 $2,300,000 Estimated costs to complete $ 2,000,000 $ Billings during the year $ 1,000,000 $4,000,000 Cash collections during the year $ 800,000 $4,200,000 Assume that BC recognizes revenue on this contract upon completion of contract. Required: Compute the amount of gross profit recognized during 2023 and 2024.

Financial Accounting

5. Jobs completed during December and the actual output were:Job No. Quantity Items3005-5 48,000 units Estate Sprinklers3006-4 39,000 units Economy Sprinklers4001-3 29,500 units Rainmaker nozzles4003-5 49,000 units Ring Sprinklers6. The following finished products were shipped to customers during December:Items QuantityEstate sprinklers 16,000 unitsDeluxe sprinklers 32,000 unitsEconomy sprinklers 20,000 unitsRing sprinklers 22,000 unitsBrass nozzles 5,000 grossRainmaker nozzles 10,000 grossConnectors 26,000 gross   . Calculate the dollar balance in the finished goods inventory account as of December 31,2024, for the estate sprinklers, using LIFO basis.

5. Jobs completed during December and the actual output were:Job No. Quantity Items3005-5 48,000 units Estate Sprinklers3006-4 39,000 units Economy Sprinklers4001-3 29,500 units Rainmaker nozzles4003-5 49,000 units Ring Sprinklers6. The following finished products were shipped to customers during December:Items QuantityEstate sprinklers 16,000 unitsDeluxe sprinklers 32,000 unitsEconomy sprinklers 20,000 unitsRing sprinklers 22,000 unitsBrass nozzles 5,000 grossRainmaker nozzles 10,000 grossConnectors 26,000 gross 1. Calculate the overapplied or underapplied overhead for the year ended December 31,2024. Be sure to indicate whether the overhead is overapplied or underapplied.

5. Jobs completed during December and the actual output were:Job No. Quantity Items3005-5 48,000 units Estate Sprinklers3006-4 39,000 units Economy Sprinklers4001-3 29,500 units Rainmaker nozzles4003-5 49,000 units Ring Sprinklers6. The following finished products were shipped to customers during December:Items QuantityEstate sprinklers 16,000 unitsDeluxe sprinklers 32,000 unitsEconomy sprinklers 20,000 unitsRing sprinklers 22,000 unitsBrass nozzles 5,000 grossRainmaker nozzles 10,000 grossConnectors 26,000 gross 2. If the overapplied or underapplied is material, what is the appropriate accountingtreatment for this overapplied or underapplied overhead?

General Accounting