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One of the recent emails included a remark critical of his alleged religious preference. One of your employees complained not about the remark about religion, but that the emails were partisan again
Norm did not file a claim against the insurance policy because of a fear that reporting the accident would result in a substantial increase in his insurance rates. His adjusted gross income was $14,
Nikle paid $300,000 down in cash and signed a note payable for the balance. Prepare the journal entry to record this transaction.
X and Y have original investments of $47,176 and $107,850 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest o
Provide the National Star Inc. journal entries for the transactions involving its investment in Krypton Labs Inc. during 2010.
At the beginning of the year, the capital account balances were: Fred capital, $42,365; Ethel capital, $51,352. What is the Fred's capital account balance at the end of the year?
What was the annual amount of depreciation for the years 2005,2006,and 2007 using the straight-line method of depreciation?
For each of the following, determine the amount of net income or net loss for the year.
The balance in the investment account is $59,000 at the time of the change, and accountants working with company records determined that the balance would have been $94,000 if the account had been a
Fifteen percent of the units sold were returned in 2011 and repaired or replaced at a cost of $5.30 million. The amount of warranty expense on Angel's 2011 income statement is:
Patti and Pam are forming a partnership. Patti will invest a piece of equipment with a book value of $6,068 and a fair market value of $11,522. Pam will invest a building with a book value of $39,2
In 2004, DBC will be submitting a bid for a job that is expected to require $810,000 in direct materials cost, $225,000 in direct labor costs, and 80,000 machine hours. How much overhead should DBC
What is the control requirement of § 351? Describe the effect of the following in satisfying this requirement:
Sam, a single taxpayer, acquired stock in a corporation that qualified as a small business corporation under § 1244, at a cost of $100,000 three years ago. He sells the stock for $10,000 in th
Amit purchased two assets during the current year. Amit placed in service computer equipment (5-year property) on April 16th with a basis of $5,000 and furniture (7-year property) on September 9th w
Mac Williams is married and files a joint return. Three years ago, at a cost of $30,000 he acquired stock in a corporation that qualified as a small business corporation, under § 1244. A few mo
Colletti Company recorded the following data:what is the weighted average unit cost of the inventory at January 31 ?
Kershaw Bookstore had 500 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follows:
Hastings purchased $20,000 of goods that were shipped on December 27. FOB destination, that will be received by Hastings on January 3. Determine the correct amount of inventory that Hastings should
Johnson Corp. has sales of $1,000,000, operating profit (EBIT) of $100,000, interest expense of $50,000, and a tax rate of 30%. Calculate Johnson's net operating profit after taxes (NOPAT)
During 2008, Sparrow Corporation, a calendar year C corporation, had operating income of $425,000, operating expenses of $210,000, a short-term capital loss of $45,000, and a long-term capital gain
During 2006, NICO Corporation had EBIT of $100,000, a change in net fixed assets of $400,000,an increase in net current assets of $100,000, an increase in spontaneous current liabilities of $400,000
As of January 1, 2012, the City Council approved and the mayor signed a budget calling for $10,700,000 in property tax and other revenue, $9,300,000 in appropriations for expenditures, and $1,280,00
Gerry Jacobs, a financial analyst for Best Valu Supermarkets, has prepared the following sales and cash disbursement estimates for the period August through December of the current year.
The firm plans to depreciate the equipment using the MACRS 5-year normal recovery period. Prepare a depreciation schedule showing the depreciation expense for each year.