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For or From AGI Deductions. Roberta is an accountant employed by a local firm. During the year, Roberta incurs the following unreimbursed expenses:
Item AmountTravel to client locations $750.Subscriptions to professional journals $215Taking potential clients to lunch $400Photocopying $ 60
a. Identify which of these expenses are deductible and the amount that is deductible. Indicate whether they are deductible for or from AGI.
b. Would the answers to Part a change if the accounting firm reimburses Roberta for these expenses?
Supposing the county has incurred $800,000 of construction costs on the project by end of its fiscal year (June 30,20x5), the fund balance of capital projects fund employed to account for this project would be?
Discuss your thoughts on whether CEOs' exceptionally high pay is economically justified. Explain your rationale.
At the beginning of 2011, Red decided to change the depreciation to the double-declining balance method. The residual value remains at $4 million. Ignoring income taxes, what will be Red's depreciation expense for 2011?
Stowers Research issues bonds dated Jan 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds have a $20,000 par value and an annual contract rate of 10%, and they mature in 10 years.
An increase in the activity level within the relevant range results in:
Both Mr. Jones and Mrs. Green earned $50,000 gross in 2009. Yet, Mr. Jones owed IRS $600 on his tax return while the IRS owed Mrs. Green $600 on her tax return.
What is the Year 3 cash flow if Brisbane keeps using its current system? What is the Year 3 cash flow if Brisbane replaces its current system? supposing the discount rate of 8%, what is the net present value when Brisbane keeps using its current syst..
Prepare journal entries to record the following transactions entered, answer the questions in accounting basics.
Determine the cost ratio (retail method) for T games and comics store if the cost of goods available for sale is $36,000 and the retail value of goods available for sale is $90,000
1.On June 30, 2010, Parks Co. had outstanding 8%, $2,000,000 face amount, 15-year bonds maturing on June 30, 2025. Interest is payable on June 30 and December 31.
On November 1, 2015, Archangel Services issued $200,000 of 10-year bonds with a stated rate of 3%. The bonds were sold at discount for $191,000, and make semiannual payments on April 30 and October 31.
Explain how adjusting entries provide for potential manipulation by managers. In addition, discuss how compensation arrangements may result in incentives for such manipulation to occur.
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