In 2018, the Orange Furniture Store, an accrual method sole proprietorship, sold furniture on credit for $1,000 to Sammy. The cost of the furniture was $600. In 2019, Orange took a bad debt deduction for the $1,000. In 2020, Sammy inherited some money and paid Orange the $1,000 he owed. Orange's owner was in the 35% marginal tax bracket in 2018, the 12% marginal tax bracket in 2019, and the 35% marginal tax bracket in 2020. Orange Furniture must include $fill in the blank 4bc14b03ef8bfd3_1 in gross income as the recovery of a prior deduction. The timing of the income and deductions cost Orange $fill in the blank 4bc14b03ef8bfd3_2 . b. In 2019, Marvin, a cash basis taxpayer, took a $2,000 itemized deduction for state income taxes paid; the deduction was not limited by the SALT cap. This increased his itemized deductions to a total that was $800 more than the standard deduction. In 2020, Marvin received a $1,500 refund when he filed his 2019 state income tax return. Marvin was in the 12% marginal tax bracket in 2019 but was in the 35% marginal tax bracket in 2020. How much must Marvin include in his gross income for 2020

The following account balances at the beginning of january were selected from the general ledger of fresh bagel manufacturing company: work in process inventory $0 raw materials inventory $ 28 comma 100 finished goods inventory $ 40 comma 600 additional data: 1. actual manufacturing overhead for january amounted to $ 65 comma 000. 2. total direct labor cost for january was $ 63 comma 400. 3. the predetermined manufacturing overhead rate is based on direct labor cost. the budget for the year called for $ 255 comma 000 of direct labor cost and $ 382 comma 500 of manufacturing overhead costs. 4. the only job unfinished on january 31 was job no. 151, for which total direct labor charges were $ 5 comma 200 (1 comma 300 direct labor hours) and total direct material charges were $ 14 comma 400. 5. cost of direct materials placed in production during january totaled $ 123 comma 700. there were no indirect material requisitions during january. 6. january 31 balance in raw materials inventory was $ 35 comma 300. 7. finished goods inventory balance on january 31 was $ 35 comma 400. what is the cost of goods manufactured for january?

Vintage fun reproduces oldminusfashioned style roller skates and skateboards. the annual production and sales of roller skates is 950 units, while 1,750 skateboards are produced and sold. the company has traditionally used direct labor hours to allocate its overhead to products. roller skates require 2.5 direct labor hours per unit, while skateboards require 1.25 direct labor hours per unit. the total estimated overhead for the period is $114,300. the company is looking at the possibility of changing to an activityminusbased costing system for its products. if the company used an activityminusbased costing system, it would have the following three activity cost pools: the overhead cost per skateboard using the traditional costing system would be closest to: a. $9.31. b. $65.31. c. $25.05. your answer is not correct.d.

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period