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Abigail, Bobby, and Claudia are equal owners in Lafter, an S corporation that was a C corporation several years ago. While Abigail and Bobby actively participate in running the company, claudia has a separate day job and is a passive owner. Consider the following information for 2012:
During 2013, Lafter made several changes to its business approach and reported $18,000 of business income, computed as follows:
Lafter also reported a lontg-term capital gain of $24,000 in 2013.Lafter made a cash distribution on July 1, 2013 of $20,000 to each shareholder.
b. What amount of gain/income does each shareholder recognize from the cash distribution on July 1, 2013?
Shubelik Company is changing to an activity-based costing method. They have determined that they will use three cost pools. They are set-ups, inspections, and assembly. Which of the following would be used as the activity base for assembly?
write a report of no more than 700 words justifying the need for the system when controls are in place with insurance
You have been asked to speak on the topic of the impact of organizational culture on decision making to a group of executives. In a five to seven paragraph speech, discuss the following.
On January 1, 2007, the stockholders of Phillips and Solina agreed to a consolidation. Because FASB requires that one party be recognized as the acquirer and the other as the acquirer-Prepare the journal entries on the books of Phillips to record t..
Riley Company authorized a $1,000,000, 10-year, 6% bond issue dated July 1, 2009, with annual interest to be paid each December 31. On July 1, 2009, the bonds were issued for $886,500. Riley Company has a December 31 year-end.
the number of workdays varies from month to month due to the number of weekdays holidays days of vacation and sick
drew and meg ages 40 and 41 respectively are married and file a joint return. in addiiton to four dependent children
XYZ Company sells its razors at $8.00 per unit. The following data relates to its first year of operations. Prepare an income statement based on variable costing.
the following selected items and amounts were taken from the balance sheet of quale company as of december 31 2012cash
pietarsaari oy a finnish company produces cross-country ski poles that it sells for euro33 a pair. the finnish unit of
How much should the National Credit Union invest in municipal bondsso as to maximize its return on investment? What is the maximal return on investment?
Research a large multinational company in which you might like to invest. Then estimate the most significant risk factors associated with investing in company you selected when compared with investing in the domestic company.
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