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Excludable Gifts. Which of the following would be includible in gross income?Alice appeared on a TV quiz show and received a prize of $5,000.Bart received $500 from his employer because he developed an idea that reduced the employer's production costs.Chuck borrowed $500 from his mother in order to finance his last year in college. Upon his graduation, Chuck's mother told him he did not have to repay the $500. She intended the $500 to be a graduation present.
Prepare the appropriate adjusting entries for Brooks as of December 31, 2010, to reflect the application of the "fair value" rule for both classes of securities described above.
Abacus, Inc., purchased inventory costing $95,000. Terms of the purchase were 3/10, n/30. Abacus uses a perpetual inventory system. In order to take advantage of the cash discount.
The local garden club, an exempt organization, had gross unrelated business income during the year of $15,000. Its costs associated with this income were $9,800. What is its unrelated business income tax?
bass corporation constructed assets costing 2000000. the weighted-average accumulated expenditures on these assets
1rocky company has signed a contract that requires them to produce and sell gadgets for10 per unit. a recent study of
many u.s. businesses have changed their management philosophies to become more competitive. these changes include
Big Sky Mining has no use for the machine beyond the expiration of the lease, and the machine has an estimated residual value of $250,000 at the end of the 4th year. What is the NAL of the lease?
What is the economic order quantity? Purchasing at the EOQ recommended level, what are the relevant total costs?
what are the two types of audit tests? what are some examples of each of these two types of tests? how will the auditor
jeoffroy inc. uses the weighted-average method in its process costing. the following data concern the companys assembly
On June 30, Gull distributes $120,000 to Sharon, its sole shareholder, who has a basis in her stock of $75,000. How much of the $120,000 is a dividend to Sharon?
For 2007 Mossland Corporation reported gross profit $100,000; net income of $24,000; sales $500,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2007 profit margin?
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