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Full payment is made for the tuition and related expenses for both children during each semester. The American Opportunity credit available to Jermaine and Kesha for 2010 is:
Ron and Tom are equal owners in Robin Corporation. On July 1, 2010, each loans the corporation $20,000 at annual interest of 10%. Ron and Tom are brothers. Both shareholders are on the cash method o
In August of this year, when the home had a fair market value of $550,000 and he owed $225,000 on the mortgage, he took out a home equity loan for $350,000. David used the funds to purchase a yacht
During the year, Oscar travels from Raleigh to Moscow (Russia) on business. His time was spent as follows: 2 days travel (one day each way), 2 days business, and 2 days personal. His expenses for th
On June 30, 2011, Robin repays the loans of $40,000 together with the specified interest of $4,000. How much of the interest can Robin Corporation deduct in 2010?
Assume that Haig Simmons realizes a loss on the futures contract in which she entered to buy coal. That is, the price per her contract to buy coal is higher than the actual spot market price of coal
Reeves Company uses a predetermined overhead rate of $6.00 per machine hour. If the predetermined overhead rate was $6 per machine hour, overhead was underapplied by $40,000, and actual machine hour
a. Prepare a schedule of cost of goods manufactured. b. Prepare an income statement for fiscal 2011. Ignore income taxes.
A firm reported salary expense of $239,000 for the current year. The beginning and ending balances in salaries payable were $40,000 and $15,000, respectively. What was the amount of cash paid for sa
what is the suggested share price? if the dividends are suspended for 2 years and then continue as before, will the preferred share price rise or fall?
At the beginning of 2008, a decision was made to change to the straight-line method of depreciation for this equipment. Assuming a 30% tax rate, the cumulative effect of this accounting change on be
Users are looking for firms who can generate more future cash flows. Which one may mostly decrease earnings quality when the users examine the earnings figures as the indicator of future cash flows?
Delta Enterprises trades an asset that costs $55,000 and had accumulated depreciation of another $37,000 for another asset with a fair market value of $20,000. The exchange is deemed to lack commerc
Assume their 2011 AGI equaled $32,000. Assume they incurred $8,000 of child care expenses during 2011 for their TWO dependent children, P and A (ages 3 and 6, respectively). What is their child and
Q, a corporate executive, exercised an incentive stock option ("ISO") granted by Q's employer to purchase 1,000 shares of the corporation's stock at the option price of $1 per share (i.e., the exerc
In 2011, Q invested $10,000 in a cattle-feeding partnership that used nonrecourse notes to purchase $100,000 of feed, which was used to feed the cattle and expensed. If Q's share of the expense was
The company wants to know what each job's cost would be under alternative overhead allocation rates based on: (1) direct labor cost, (2) direct labor hours, and (3) machine hours. Estimates for this
Salvador, Inc. reported net income of $2.5 million in 2008. Depreciation for the year was $260,000, accounts receivable decreased $350,000, and accounts payable decreased $280,000. Compute net cash
Throughout the corporate world, businesses are transforming labor into a more flexible (and variable) cost. Among such companies are Hewlett-Packard, General Electric, DuPont, Sun Microsystems, and
According to the new requirement, the company should record an expense $50,000 for 2005 and $50,000 for 2006. During 2008, all options are exercised. What is the effect of the free cash flows for 20
Samantha's Design Studio showed office supplies available of $700. A count of the supplies left on hand as of June 30 was $400. The adjusting journal entry is:
How much gross profit should be reported for 2010? Show your computation.
Make the entry to record construction costs of $3,600,000, on construction in process to date.
Calculate the cost per equivalent unit for materials and conversion costs.
Gary Company reports a $15,000 increase in inventory and a $5,000 increase in accounts payable during the year. Cost of Goods Sold for the year was $180,000. The cash payments made to suppliers were