During the Current Year,Timepiece Corporation Has Operating Income of $460,000

question 68

Multiple Choice

During the current year,Timepiece Corporation has operating income of $460,000 and dividend income of $70,000 from 45% owned domestic corporations.Total operating expenses for the year are $470,000.What is Timepiece's dividends-received deduction for the current year?

• A)$- 0 -
• B)$48,000
• C)$56,000
• D)$60,000
• E)$70,000

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Definitions:

Labour Efficiency Variance

A measure of the difference between the actual hours worked and the hours that should have been worked for the level of production achieved.

Overhead Spending Variance

The difference between the actual overhead expenses incurred and the overhead expenses budgeted or planned for a period.

Overhead Efficiency Variance

A metric used to assess the efficiency of overhead expenses in relation to the level of production or activity achieved.

Standard Costing

A costing method that assigns average costs to each production unit, based on estimated direct materials, labor, and overhead costs.