On commercial properties, leases that antedate the mortgage:
A)?Need not be honored by the mortgagee
B)?Are generally void.
C)?Must be honored by the mortgagee.
D)?Both a and b
E)?None of the above
C
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When using the direct method, how is the sale of long-term investments for cash reported on the statement of cash flows?
a. Operating activity b. Investing activity c. Financing activity d. Noncash investing and financing activity
Priscilla works for Hormel Foods and she frequently sets up special displays and distributes samples of Hormel products to customers in supermarkets. Priscilla would best be classified as a(n)
A. trade salesperson. B. technical salesperson. C. inside salesperson. D. product salesperson. E. missionary salesperson.
Jillian, a single taxpayer, had the following sales of Sec. 1231 property this year:Sale of land A at a gain of $15,000Sale of land B at a gain of $12,000Sale of land C at a loss of $8,000a.Assume Jillian has taxable income from other sources exceeding $500,000. What is the amount of her resulting tax liability on the property sales?b.Assume instead that Jillian's taxable income from other sources is less than $15,000. What is the amount of her resulting tax liability on the property sales?c. Assume instead that Jillian's taxable income from other sources is in the 24% tax bracket. What is the amount of her resulting tax liability on the property sales?
What will be an ideal response?
Orear Corporation manufactures two products: Product Z34D and Product J25M. The company uses a plantwide overhead rate based on direct labor-hours. It is considering implementing an activity-based costing (ABC) system that allocates its manufacturing overhead to four cost pools. The following additional information is available for the company as a whole and for Products Z34D and J25M.Activity Cost PoolActivity MeasureTotal CostTotal ActivityMachiningMachine-hours$120,0006,000MHsMachine setupsNumber of setups$90,000150setupsProduct designNumber of products$84,0002productsOrder sizeDirect labor-hours$300,00010,000DLHsActivity MeasureProduct Z34DProduct J25MMachine-hours4,0002,000Number of setups9060Number of products11Direct labor-hours7,0003,000Using the plantwide overhead rate, the
percentage of the total overhead cost that is allocated to Product J25M is closest to: A. 30.00% B. 50.00% C. 15.15% D. 19.87%