River Corporation's taxable income is $25,000, after deducting a $5,000 NOL carryover from last year and after claiming a $10,000 dividends-received deduction. What is the current E&P?
What will be an ideal response?
River must add back the $10,000 DRD and the $5,000 NOL. Therefore, current E&P is $40,000 ($25,000 + $10,000 + $5,000).
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People cannot focus on all of the stimuli that surround them each day. A person's tendency to screen out most of the information is called ________
A) subliminal retention B) selective distortion C) cognitive dissonance D) selective attention E) cognitive inertia
Prepayments for Julianna Company decreased by $2,000 during Year 3, the firm expensed less cash during Year 3 for new prepayments than it expensed prepayments of earlier years. Assume that all prepayments relate to selling and administrative activities. The journal entries that Julianna Corporation made in the accounting records during the year had the following combined effect: Selling and
Administrative Expenses . . . . . . . . . . . . . . 35,500 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,500 Prepayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 To explain the change in the statement of cash flows T-account work sheet for Prepayments a. add back $33,050 to net income. b. add back $2,000 to net income. c. subtract $2,000 from net income. d. subtract $33,500 from net income. e. subtract $2,000 from retained earnings.
What does the Substitutes for Leadership Model propose and when might it be utilized?
What will be an ideal response?
Ego Manufacturing produces a pesticide chemical and uses process costing There are three processing departments-Mixing, Refining, and Packaging. On January 1, the Refining Department had 2,000 gallons of partially processed product in production. During January, 33,000 gallons were transferred in from the Mixing Department, and 29,000 gallons were completed and transferred out. At the end of the month, there were 6,000 gallons of partially processed product remaining in the Refining Department. See additional details below.
Refining Department, beginning balance at January 1 Quantity: 2,000 units (partially processed) Cost: $15,600 of costs transferred in $4,500 of materials cost $1,000 of conversion cost 21,100 total account balance Costs added during January Cost of units transferred in $222,400 Direct materials cost $93,750 Conversion cost $48,000 Refining Department, ending balance at January 31 Quantity: 6,000 units (partially processed) Percent complete for materials cost: 90% Percent complete for conversion cost: 75% What was the cost per equivalent unit with respect to conversion costs for the Refining Department in the month of January? (Use the weighted-average method, and round your calculations to the nearest cent.) A) $1.42 B) $1.46 C) $1.40 D) $8.17