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During 2010, Highlander Corp., had the following income and expenses:
gross receipts 700,000salaries 300,000charitable contribution 60,000capital gains 7,000depreciation expense 28,000dividend income 60,000dividends received deduction 42,000
What is the amount of Highlander's Corp. charitable deduction for 2010?
A) 33,400
B) 43,900
C) 46,900
D) 60,000
E) none of the above
Erik Co. elects to use the percentage-of-sales basis in 2012 to record bad debts expense. It estimates that 3% of net credit sales will become uncollectible. Sales are $808,455 for 2012, sales returns and allowances are $47,894, and the allowance ..
Field Company purchased a warehouse in a downtown district where land values are rapidly increasing. Adolph Phillips, controller, and Wilma Smith, financial vice-president, are trying to allocate the cost of the purchase between the land and the b..
Which of the following is accounted for as a change in accounting principle?
How will the declaration and distribution of a 10 percent stock dividend affect the issuing corporation's balance of retained earnings and total stockholders' equity, respectively?
how are changes in the fair value of an option accounted for in a cash flow hedge? in a fair value hedge?
Hazel purchased a new business asset (five-year property) on November 30, 2009, at a cost of $100,000. This was the only asset acquired by Hazel during 2009. On January 7, 2010, Hazel placed the asset in service. She did not elect to expense any o..
What is generalized audit software? What are the tasks for which an auditor would use it? What are the advantages and disadvantages of using generalized audit software?
AVPR Company sets up a qualifying SPE to sell their accounts receivable (A/R) to the SPE. The SPE meets the unconsolidated requirement under GAAP. The most likely outcome of using the SPE by AVPR will be to:
Obtain a detailed report which is based on an intensive investigation of the financial position of sales department, production department and research and development department.
Beige Corporation (a calendar year taxpayer) has taxable income of $150,000, and its financial records reflect the following for the year.
Lockhart Corporation is a calendar-year corporation. At the beginning of 2013, its election to be taxed as an S corporation became effective. Lockhart Corp.'s balance sheet at the end of 2012 reflected the following assets (it did not have any earnin..
Carrie Overwood works fluctuating work schedules. Besides her fixed salary of $1050 per week, her employment agreement provides for overtime pay at an extra half-rate for hours workded over 40.
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