A, B, and C Corp. form the ABC partnership. A and B are individual, cash method, calendar year taxpayers. C Corp. is a small corporation that, over the last three years, has had average annual gross receipts in excess of $26 million. C Corp. is an accrual method taxpayer using a June 30 fiscal year. The partners share profits, losses and capital equally. a. The ABC partnership must choose a taxable year. If there were no constraints on this choice, what taxable year would you expect A to favor? C Corp.?

b. What is ABC's "required taxable year" within the meaning of § 444(e)?

c. ABC must also choose a method of accounting. Is it permitted to elect to use the cash method of accounting?

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?

Banana computers has decided to procure processing chips required for its laptops from external suppliers instead of manufacturing them in their own facilities. how will this decision affect the firm? a. the firm will be protected against the principal-agent problem. b. the firm's administrative costs will be low because of necessary bureaucracy. c. the firm will have more flexibility in purchasing and comparing prices of goods and services. d. the firm will have high-powered incentives, such as hourly wages and salaries.

Robert is a district manager who oversees several store managers in a national chain of restaurants. robert reports directly to the vice president of stores and marketing, a member of top management. robert is a middle manager.t/f