ranite Slab LLC was recently formed with the following members: Capital/ Name Tax Year-End Profits % Nelson Black December 31 22.0% Brittany Jones December 31 24.0% Lone Pine LLC June 30 4.5% Red Spot Inc. October 31 4.5% Pale Rock Inc. September 30 4.5% Thunder Ridge LLC July 31 4.5% Alpensee LLC March 31 4.5% Lakewood Inc. June 30 4.5% Streamside LLC October 31 4.5% Burnt Fork Inc. October 31 4.5% Snowy Ridge LP June 30 4.5% Whitewater LP October 31 4.5% Straw Hat LLC January 31 4.5% Wildfire Inc. September 30 4.5% What is the required taxable year-end for Granite Slab LLC

Answer: December 31

Explanation:

Granite Slab should adopt the year-end of its principal partners.

A principal partner is one who owns 5% or more of a company's stock.

There are therefore two (2) principal partners here: Nelson Black and Brittany Jones as they own 22% and 24% respectively.

Both of these partners have December 31 as their year end so Granite Slab should adopt this date as well.

A nation's GDP at purchasing power parity (PPP) exchange rates refers to:_____.
a. the value of the GDP divided by the population of the country.
b. the value of all the goods and services produced by a country in a single year.
c. the value of the GDP adjusted for purchasing power.
d. a country's average achievements in health, knowledge, and standard of living.
e. the sum value of all goods and services produced in the country valued at prices prevailing in the United States.

On January 1, 2020, Beyonce Co. purchased 25,000 shares (a 10% interest) in Elton John Corp. for $1,400,000. At the time, the book value and the fair value of John’s net assets were $13,000,000. On July 1, 2021, Beyonce paid $3,040,000 for 50,000 additional shares of John common stock, which represented a 20% investment in John. As a result of this transaction, Beyonce owns 30% of John and can exercise signifi cant infl uence over John’s operating and fi nancial policies. John reported the following net income and declared and paid the following dividends.
Net Income Dividend per Share
Year ended 12/31/20 $700,000 None
Six months ended 6/30/21 500,000 None
Six months ended 12/31/21 815,000 $1.55
Instructions
Determine the ending balance that Beyonce Co. should report as its investment in John Corp. at the end of 2021.

Gibson Cinemas is considering a contract to rent a movie for $2,200 per day. The contract requires a minimum one-week rental period. Estimated attendance is as follows: Monday Tuesday Wednesday Thursday Friday Saturday Sunday 420 340 190 570 1,030 1,030 490 Required Determine the average cost per person of the movie rental contract separately for each day. Suppose that Gibson chooses to price movie tickets at cost as computed in Requirement a plus $2.00. What price would it charge per ticket on each day of the week

Information related to Riverbed Co. is presented below.

a. On April 5, purchased merchandise on account from Tamarisk Company for $36,000, terms 3/10, net/30, FOB shipping point.
b. On April 6, paid freight costs of $920 on merchandise purchased from Tamarisk.
c. On April 7, purchased equipment on account for $30,500.
d. On April 8, returned damaged merchandise to Tamarisk Company and was granted a $4,200 credit for returned merchandise.
e. On April 15, paid the amount due to Wilkes Company in full.

Required:
Prepare the journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system.

Company Omega bought new petroleum refining equipment in the year 2000. The purchase cost was 172,024 dollars and in addition it had to spend 10,610 dollars for installation. The refining equipment has been in use since February 1st, 2000. Omega forecasted that in 2030 the equipment would have a net salvage value of $10,000. Using the US Straight Line Depreciation Schedule, estimate the value of depreciation recorded in the accounting books in the year 2004 if the company decided to sell the equipment on August 5th (of 2004). (note: round your answer to the nearest cent and do not include spaces, currency signs, or commas)

WILL MARK BRAINLY!

Serena is a sales representative for a soda company. What would be one task that Serena might perform as part of her job?


Writing a new commercial for the company


Managing the sales staff for the entire company



Analyzing what markets like diet soda


Calling on restaurants and bars to sell soda contracts

An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement For Quarter Ended March 31 Sales $ 930,000 Cost of goods sold 655,000 Gross margin 275,000 Selling and administrative expenses Selling $ 105,000 Administrative 114,000 219,000 Net operating income $ 56,000 On average, a book sells for $60. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 4% of sales with the remainder being fixed. The contribution margin for Sam's Bookstore for the first quarter is:

The following information is from Amos Company for the year ended December 31, 2019. Retained earnings at December 31, 2018 (before discovery of error), $858,000. Cash dividends declared and paid during the year, $18,000. Two years ago, it forgot to record depreciation expense of $42,600 (net of tax benefit). The company earned $220,000 in net income this year. Prepare a statement of retained earnings for Amos Company. (Amounts to be deducted should be indicated with a minus sign.)

Which of the following typically occurs during an expansionary phase of a business cycle?
A. Nominal interest rates decrease.
B. Income taxes decrease.
C. The price level decreases.
D. Government transfer payments increase.
E. Employment increases.

A semiprofessional baseball team near your town plays two home games each month at the local baseball park. The team splits the concessions 50/50 with the city but keeps all the revenue from ticket sales. The city charges the team $500 each month for the three-month season. The team pays the players and manager a total of $2500 each month. The team charges $10 for each ticket, and the average customer spends $6 at the concession stand. Attendance averages 100 people at each home game.

The team earns an average of $_________ in revenue for each game and $_____________ of revenue each season. With total costs of $___________ each season, the team finishes the season with $____________ of profit.

A Giffen good is a good for which price and quantity demanded are positively related. A Giffen good arises when:_______.
a. the income effect and the substitution effect move quantity demanded in opposite directions, with the income effect outweighing the substitution effect.
b. the income effect and the substitution effect move quantity demanded in opposite directions, with the substitution effect outweighing the income effect.
c. the income effect and the substitution effect move quantity demanded in the same direction, with the income effect outweighing the substitution effect.
d. the income effect and the substitution effect move quantity demanded in the same direction, with the substitution effect outweighing the income effect.

Virginia Enterprises makes all purchases on account, subject to the following payment pattern: Paid in the month of purchase: 30% Paid in the first month following purchase: 65% Paid in the second month following purchase: 5% If purchases for April, May, and June were $200,000, $160,000, and $250,000, respectively, what was the firm's budgeted payables balance on June 30

what is a tax bracket?​

Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows:
(1) not yet due, $13,000;
(2) up to 120 days past due, $6,000; and
(3) more than 120 days past due, $5,500. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is
(1) 2 percent,
(2) 12 percent, and
(3) 30 percent, respectively.
At December 31 (end of the current year), the Allowance for Doubtful Accounts balance is $710 (credit) before the end-of-period adjusting entry is made. Data during the current year follow:
a. During December, an Account Receivable (Patty's Bake Shop) of $660 from a prior sale was determined to be uncollectible; therefore, it was written off immediately as a bad debt.
b. On December 31, the appropriate adjusting entry for the year was recorded.
Required:
1. Give the required journal entries for the two items listed above.
2. Show how the amounts related to Accounts Receivable and Bad Debt Expense would be reported on the income statement and balance sheet for the current year. Disregard income tax considerations.

Peyton Manufacturing has the following data:
Work-in-process inventory, January 1, 20x8 $ 57,000
Work-in-process inventory, December 31, 20x8 62,500
Conversion costs during the year 429,000
If direct materials used during the year were $149,000, what was cost of goods manufactured?
a. $572,500.
b. $154,500.
c. $567,000.
d. $423,500.
e. None of the answers is correct.

Company X paid Company Y $1.85 million for a new plant. During the same accounting period, Company X experienced the following changes in its balance sheet: Cash decreased by $353,000, Accounts Receivable increased by $321,800, Inventory increased by $276,300, Property, Plant, and Equipment increased by $753,400, and Bonds Payable increased by $2 million. The net cash flow provided by financing activities is:

You just won a lottery that promises to pay you $1 million exactly 10 years from today. Because the $1 million payment is guaranteed by the state in which you live, opportunities exist to sell the claim today for an immediate lump-sum cash payment. What is the least you will sell your claim for if you could earn 8.73 % on similar-risk investments during the 10-year period

Maxim Corp. has provided the following information about one of its products: Date Transaction Number of Units Cost per Unit 1/1 Beginning Inventory 200 $ 140 6/5 Purchase 400 $ 160 11/10 Purchase 100 $ 200 During the year, Maxim sold 400 units. What is cost of goods sold using the average cost method

Albatross Software has two main products: WindSong is a program that can be used to edit audio files and SunBurst is a program that can be used to edit digital photos. The two major types of customers are small businesses and home users. The small business customers have a reservation price of $300 for WindSong and $450 for SunBurst. The home users have a reservation price of $100 for WindSong and $125 for SunBurst. Which of the following statements is true?
A) Bundling the two software products is not likely to be profitable because the marginal cost of producing sofware is positive by very small.
B) Bundling the two software products is not likely to be profitable because the consumer demands are homogeneous.
C) Bundling the two software products is likely to be profitable because the demands are negatively correlated
D) Bundling the two software products is not likely to be profitable because the demands are positively correlated.

Richards Corporation uses the weighted-average method of process costing. The following information is available for October in its Fabricating Department:

Units:
Beginning Inventory: 94,000 units, 80% complete as to materials and 25% complete as to conversion.
Units started and completed: 278,000.
Units completed and transferred out: 372,000.
Ending Inventory: 37,000 units, 40% complete as to materials and 15% complete as to conversion.

Costs:
Costs in beginning Work in Process - Direct Materials: $47,200.
Costs in beginning Work in Process - Conversion: $89,700.
Costs incurred in October - Direct Materials: $759,920.
Costs incurred in October - Conversion: $929,300.

Required:
Calculate the cost per equivalent unit of materials.

The expected average rate of return for a proposed investment of $5,330,000 in a fixed asset, using straight-line depreciation, with a useful life of 20 years, no residual value, and an expected total net income of $15,990,000 over the 20 years is (round to two decimal points). a.1.50% b.15.00% c.60.00% d.30.00%

On October 28, 2018, Mercedes Company committed to a plan to sell a division that qualified as a component of the entity according to GAAP regarding discontinued operations and was properly classified as held for sale on December 31, 2018, the end of the company's fiscal year.
The division's loss from operations for 2018 was $2,000,000. The division's book value and fair value less cost to sell on December 31 were $3,000,000 and $2,500,000, respectively. What before-tax amount(s) should Mercedes report as loss on discontinued operations in its 2018 income statement?

Which scenarios provided would cause a change in demand for grape jelly?
A)
The price of grape jelly increases considerably.
B)
Grape jelly is placed on sale at a local supermarket.
The prices of peanut butter and bread increase substantially.
D)
Summer is approaching and more people prefer sandwiches for lunch.
E)
The federal government releases a report on the positive health benefits of
grape jelly

Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. On July 10, Gideon received a check for the full amount of $2,000 from Hopkins. On July 10, the entry or entries Gideon makes to record the recovery of the bad debt is:________
A. Accounts Receivable-A. Hopkins 2,000
Allowance for Doubtful Accounts 2,000
Cash
Accounts Receivable-A. Hopkins 2,000
B. Cash 2.000
Bad debts expense 2,000
C. Accounts Receivable-A. Hopkins
Bad debts expense 2,000
Cash 2,000
Accounts Receivable-A. Hopkins
D. Accounts Receivable-A. Hopkins 2,000
Bad debts expense 2,000
Cash 2,000
Accounts Receivable-A. Hopkins 2,000
E. Allowance for Doubtful Accounts 2,000
Accounts Receivable-A. Hopkinse 2,000
Accounts Receivable-A. Hopkins 2,000
Cash 2,000
F. Cash 2,000
Accounts Receivable-A. Hopkins 2,000

d (i). Suppose that ZX Inc. is currently selling at $50 per share. You buy 200 shares, using $5,000 of your own money and borrowing the remainder of the purchase price from your broker. The rate on the margin loan is 5%. What is the rate of return on your margined position (assuming again that you invest $5,000 of your own money) if ZX Inc. is selling after one year at $46 (use whole number percentage with two decimals rounded up/down - i.e. 0.3245 input 32.45) ? Group of answer choices -21% -20% -19% -18%

makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.7 pounds $ 7.20 per pound $ 48.24 Direct labor 0.6 hours $ 26.00 per hour $ 15.60 Variable overhead 0.6 hours $ 4.20 per hour $ 2.52 In June the company's budgeted production was 3600 units but the actual production was 3700 units. The company used 22,350 pounds of the direct material and 2310 direct labor-hours to produce this output. During the month, the company purchased 25,600 pounds of the direct material at a cost of $172,180. The actual direct labor cost was $57,221 and the actual variable overhead cost was $9531. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for June is:

At Eady Corporation, maintenance is a variable overhead cost that is based on machine-hours. The performance report for July showed that actual maintenance costs totaled $10,110 and that the associated rate variance was $310 unfavorable. If 5,600 machine-hours were actually worked during July, the standard maintenance cost per machine-hour was:

name 5 kids who helped the world

Compute cost of goods sold for the period using the following information. Finished goods inventory, beginning $ 354,000 Work in process inventory, beginning 83,000 Work in process inventory, ending 77,100 Cost of goods manufactured 944,200 Finished goods inventory, ending 292,000

Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $15,000 (original cost of $34,000 less accumulated depreciation of $19,000) and a fair value of $9,600. Kapono paid $26,000 cash to complete the exchange. The exchange has commercial substance. Case B. Kapono Farms exchanged 100 acres of farmland for similar land. The farmland given had a book value of $530,000 and a fair value of $760,000. Kapono paid $56,000 cash to complete the exchange. The exchange has commercial substance.

Required:
a. What is the amount of gain or loss that Kapono would recognize on the exchange of the land?
b. What is the amount of gain or loss that Kapono would recognize on the exchange of the tractor?
c. Assume the fair value of the old tractor is $20,000 instead of $9,600. What is the amount of gain or loss that Kapono would recognize on the exchange? What is the initial value of the new tractor?