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A diamond necklace and a ring that Kelly frequently wore are also stolen. The necklace cost Kelly $2,300 many years ago and is insured for its $6,000 FMV. Kelly purchased the ring for $3,000 just two weeks before the burglary. Unfortunately, the ring and the cash are not insured. Kelly's AGI for the year, not including the items noted above, is $70,000. What is Kelly's deductible theft loss in the current year if the theft is not discovered, until January of the following year?
The commission is 8.5% on all sales up to $50,000 above the quota. Beyond that amount, she receives a commission of 10%. Her total sales for the past year were $29,000. Compute:
As stipulated, your company is having financial difficulty and has asked the bank to restructure its $3 million note outstanding. The present note has 3 years remaining and pays a current interest rate of 10%.
Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
Casey owned stock in Jupiter Corporation that he donated to a university (a qualified charitable organization) on December 30, 2009. What is the amount of Casey's deduction assuming that he had purchased the stock for $10,000 on January 3, 2009, a..
Harry Dorffman owns and operates Harry's Abstracting Service. Harry's two revenue generating operations (Abstracting Services and Closing Services) are supported by two service departments: Clerical and Custodial. Costs in the service departments ..
EZ Tech's sales in 2010 were $1,050,000, 80% of which were on credit. Collections on account during the year were $670,000. The company wrote off $4,000 of uncollectible accounts during the year.
Explain why internal control is an important aspect of an accounting system, providing at least two specific example that would be in the policies and procedure of internal control.
Using the U.S. tax rate schedule, how much federal tax will he owe? What is his average tax rate? What is his effective tax rate? What is his current marginal tax rate?
What Amount will the proprietors of the inn be required to pay the bank at the end of 5yrs. Hint find the present value of the 1st two loans.
Kordel Inc. holds 75% of the outstanding common stock of Raxston Corp. Raxston currently owes Kordel $500,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be elimi..
In addition, Austin estimates that the new machine will increase the company's annual net cash inflows by $35,000. The machine will have a 12-year useful life and no salvage value.
Tanner Bay Inc. has two departments, Assembly and Packaging. The company uses a job-order costing system and computes a predetermined overhead rate in each department. What is the predetermined overhead rate to be used in each department? Show comp..
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