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On July 1, 2008, a taxpayer enters into a 36-month lease. The terms of the lease require the taxpayer to pay $1,000 a month. Based on the value of the automobile, the inclusion amounts for 2008, 2009, and 2010 are $313, $590, and $602, respectively. If the taxpayer uses the car 70% for business, what net amount can be deducted for lease expense in 2009?
a) $11,410
b) $12,000
c) $5,705
d) $4,920
e) $7,987
Present a list of the three controlling accounts used in the general ledger to record the inventories and, in each case, indicate the related subsidiary ledger.
What is the distinction, as drawn by the GASB, between a fiduciary fund and a permanent fund? How should governments report permanent fund and fiduciary fund balances and income in their government-wide statements?
What are the two types of proprietary funds, and what are the major differences between those two?
Derivative accounting: What are the disclosure requirements for traditional and derivative financial instruments? Should companies disclose if such instruments are used for hedging or speculation? Why?
would an increase in variable costs cause a company's break-even point to increase or decrease? why?
How do the calculation and comparison to previous years of the gross margin percentage and the ratio of accounts receivable to sales are related to the conformation of accounts receivable and other tests of the accuracy of accounts receivable?
Assume the following adjustment data. 1. Advertising supplies on hand at 31 October total $1 000. 2. Expired insurance for the month is $100. 3. Depreciation for the month is $50.
They sold the house in May for $795,000. Broker's commissions and other selling expenses amounted to $45,000. Since they both are age 68, they decide to rent an apartment. They purchase an annuity with the net proceeds from the sale. What is the r..
What amount should Munoz report as its current federal income tax liability on its December 31, 2011 balance sheet?
For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:
Judd, Inc., owns 35% of Cosby Corporation. During the calendar year 2010, Cosby had net earnings of $300,000 and paid dividends of $30,000. Judd mistakenly recorded these transactions using the fair value method rather than the equity method of ac..
Armstrong Corporation manufactures bicycle parts. The company currently has a $19,500 inventory of parts that have become obsolete due to changes in design specifications. The parts could be sold for $7,000 or modified for $10,000 and sold for $2..
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