Question

  

On Black Friday 2014, Amazon.com featured a Panasonic 3D Blu-ray Player for $60 normally selling for $72. Calculate the dollar markdown and the markdown percent based on the selling price to the nearest whole percent.

James (age 63) established a trust and named his wife, Camile (age 40) an income beneficiary for 20 years. After 20 years John’s son Bill (age 30) and nephew , Bob, (age 22) are to receive lifetime income interests. After the death of both Bill and Bob the remainder passes equally to Jame’s granddaughter Allison (age 20) and great grandson Michael (age 1). How many skip persons are included in this taxable termination? 

  

James was given a house last year by his father, Michael. At the date of the gift the fair market value of $175,000, and its adjusted basis to the donor (his father, Michael) was $105,000. The donor paid gift tax of $12,000 on the gift. What is James basis in the house?

a. $105,000

b. $109,800

c.$117,000

d.$175, 000

  

Elenore recently inherited 4,000 shares of stock from her deceased husbands estate. During his lifetime, Elenore’s husband had purchased these shares for $5 a share. The value of the stock had increased to $10 a share at his death. Now it is valued at $15 a share. Elenore now wants to gift this stock to a qualified public charity and has asked you, her financial estate planner, how much of a deduction would be available against her current years income tax. If Elenore’s AGI is $175,000 what is the maximum amount of charitable income tax deduction permitted in the current year 2018?

  

Find the monthly payment that will yield the future value of $250,000 using an ordinary annuity at 10.25% interest for 43 years. (Round the answer to the nearest cent.)

  

Sweatshirts, Inc. Makes two types of sweatshirts: plain and deluxe. Both types of sweatshirts go through two operations: cutting and sewing. The deluxe sweatshirts go through a third operation that prints emblems and words on them. The deluxe sweatshirts also have more expensive material used on them. After manufacture, sweatshirts are warehoused for sale to department stores.

The following data is available for a one month period:

Deluxe Plain

Quantity produced 10,000 12,000

Direct materials $50,000 $48,000

Conversion Costs:

Cutting $22,000

Sewing $22,000

Printing $ 5,000

Total $ 49,00019. How much does a Deluxe sweatshirt cost to manufacture?

A. $7.50

B. $6.68

C. $5.00

D. $9.9020. Sweatshirts, Inc. uses what kind of production cost system?

A. Job order costing system

B. Process costing system

C. Back or forward flush system

D. Operations costing system.,2. In the statement of cash flows, the amount of depreciation and amortization expense is added back to net income because:

A) these expenses do not affect cash, but were subtracted in the determination of net income.

B) these expenses affect investing activities, not operating activities.

C) the cash disbursements for these accrued expenses will be made in a future period.

D) these expenses are recognized for accounting purposes, but they do not represent economic costs.

  

Question 10 (10 points)

Question 10 Unsaved

Use the following to answer questions 8- 11:Selling price per unit

$ 150Variable expenses per unit

$ 50Fixed expenses per month

$50,000The break-even point in terms of total revenues per month is:Question 10 options:$100,000$60,000$30,000$75,000

You collected some data and find that the average price of an item is $200. There’s a 20% chance a customer will return it for a refund within 30 days. Shipping costs average $10 each way.Under these circumstances, calculate the long term Expected Monetary Value (EMV) for the company. Include the equation and numbers in your calculation.

EMV = $190(0.8) -$20(0.2) = $152-$4 = $148

You are designing a rectangular birthday card for a friend. You want the card's length to be 1 inch more than twice the card's width. The area of the card is 88 in squared. What are the dimensions of the card?