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Martial aids Inc. reported the following results last year Gross income from sales $50,000 Salaries $20,000 Overhead $25,000 Capital Gains $200,000 NOL from Prev Yr $30,000 Dividends from U.S. Sources $40,000 Tax-exempt interest $35,000 Taxable interest $35,000 Income tax paid (incl $59,650 on capital gains) $62,050 If the corporation has only four individual shareholders, compute the following: a. Adjusted ordinary gross income b. Personal holding company income c. Undistributed personal holding company income d. Current dividend required to avoid personal holding company tax e. What impact would it have if taxable interest was only $12,000 and there was no NOL carryover?
Under the FASB-explain the disclosure requirements for share based compensation. This post should include an example of how the standard should be applied.
When analyzing financial statements it is important to recognize that accounting distortions can arise. Accounting distortions are those things that cause deviations in accounting information from the underlying economics.
Assuming she invests the money her grandmother gives her in a mutual fund that is expected to earn 10%, how much money must she get from Granny if she hopes to meet her early retirement goal?
Many people believe that an auditor cannot be truly independent when the client pays the audit fees. Can you think of any possible solutions or approaches that might reduce this apparent lack of independence?
Wade's outstanding stock consists of 50,000 shares of cumulative 9.50% preferred stock with a $10 par value and also 125,000 shares of common stock with a $1 par value.
You have been employed as an entry level management accountant for little under a year. You suspect that your immediate supervisor is involved in a significant fraud involving diverting of companys assets to personal use.
When a CPA is associated with financial statements that do not comply with promulgated GAAP because the statements would be misleading without the departure, the CPA is not required to disclose
Prepare the operating section of the statement of cash flows under the indirect method and the direct method.
Suppose Malcolm chooses to prorate the under or overapplied overhead to work in process, finished goods, and cost of goods sold in proportion to their ending balances. Would Malcolm's reported income be higher or lower than the answer you computed..
Waves Company purchased a patent for $170,000 at the beginning of 2011, and estimated that its expected useful life was 10 years. The patent has a legal life of 17 years. What amount should be recorded as amortization expense for the patent in 201..
Do you concur with the new accountant's recommendation? Present a schedule to support your answer.
A product sells for $15 per unit and has variable expenses of $9 per unit. Fixed expenses total $70,000 per month. How many units of the product must be sold each month to yield a monthly profit of $20,000?
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