Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 16, Problem 3R
The following data pertain to 2012 activities of Twisp Industries:
Use your completed worksheet to determine the firmʼs cost of goods sold for 2012.
Remember to change the year in row 24 and to enter new beginning inventory balances.
Save the 2012 file as MFG3. Print the worksheet when done.
If sales and other expenses were identical in 2011 and 2012, during which year did Twisp earn more income? Why?
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Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $184,500 salary working full time for Angels Corporation. Angels Corporation reported $418,000 of taxable business income for the year. Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $184,500 (all salary from Angels Corporation). Mason claims $59,000 in itemized deductions. Answer the following questions for Mason.
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Excel Applications for Accounting Principles
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