The smiths have decided to move to antigua. they are transferring the ownership of their $950,000 home in oakland to their daughter, renee. renee has heard about proposition 13 and is nervous about not being able to afford the increase in property taxes. does she need to worry?

a. in the state of california, transferring a principal residence of $2 million or less from a parent to a child is considered a transfer exclusion. the property will not be reappraised and the taxes increased.

b. when the property is transferred from the smiths to renee, the full cash value for tax purposes will be adjusted to the current market value of the property. this will increase the property taxes considerably.

c. in the state of california, transferring a principal residence of $1 million or less from a parent to a child is considered a transfer exclusion. the property will not be reappraised nor the taxes increased.

d. none of the above

Vulcan flyovers offers scenic overflights of mount st. helens, the volcano in washington state that explosively erupted in 1982. data concerning the company’s operations in july appear below: vulcan flyovers operating data for the month ended july 31 actual results flexible budget planning budget flights (q) 56 56 54 revenue ($350.00q) $ 16,500 $ 19,600 $ 18,900 expenses: wages and salaries ($3,300 + $91.00q) 8,354 8,396 8,214 fuel ($31.00q) 1,904 1,736 1,674 airport fees ($870 + $35.00q) 2,730 2,830 2,760 aircraft depreciation ($11.00q) 616 616 594 office expenses ($240 + $1.00q) 464 296 294 total expense 14,068 13,874 13,536 net operating income $ 2,432 $ 5,726 $ 5,364 the company measures its activity in terms of flights. customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. required: 1. prepare a flexible budget performance report for july that includes revenue and spending variances and activity variances.

Marta communications, inc. has provided incomplete financial statements for the month ended march 31. the controller has asked you to calculate the missing amounts in the incomplete financial statements. use the information included in the excel simulation and the excel functions described below to complete the task

The following costs were incurred in may: direct materials $ 44,800 direct labor $ 29,000 manufacturing overhead $ 29,300 selling expenses $ 26,800 administrative expenses $ 37,100 conversion costs during the month totaled: