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Angela, who is single, incurs circulation expenditures of $153,000 during 2014. She is in the process of deciding whether to expense the $153,000 or to capitalize it and elect to deduct it over a three-year period. Angela already knows that she will be subject to the AMT for 2014 at both the 26% and the 28% rates.
Angela is in the 28% bracket for regular income tax purposes this year (she records regular taxable income of $153,000 before considering the circulation expenses). She expects to be in the 28% bracket in 2015 and 2016.
Advise Angela on whether she should elect the three-year write-off rather than expensing the $153,000 in 2014.
Every month you put $100 into a savings account which pays 5% interest compounded monthly. At the end of each year you receive a $500 bonus which you place directly into your “house fund”. How much is in this account after 5 years?
A company issued a $50,000 four-year, 4% bond on January 1. Bond interest is paid each December 31. The bond was sold to yield 5%.
An IRS agent thinks that Color, as an accrual basis taxpayer, should report $1,000 of income in 2011, when the work was done, and then deduct a $200 loss in 2012. Give a memo to Susan Apple, a tax partner for whom you are working, with the recomme..
the harshman company constructed a building for its own use. the company incurred costs of 20000 for materials and
howell corporation produces an executive jet for which it currently manufactures a fuel valve the cost of the valve is
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below ($ in 000s) for Peach Computers. Calculate each of the following amounts for Peach Computers:
Create the appropriate journal entry to record the purchase on 1 st April, 20X7 and create the appropriate journal entry to record the year-end discount amortization on December 31, 20X7.
Using the high-low method, what is the unit variable cost for the following information?
Willie Lowman is the internal auditor for Dead Salesman Printing, a book printing company. In the book printing business, a printer is constantly distributing books then taking books back in return. From an accounting perspective, the company is cons..
Explain factors that should be considered when applying the conventional concept of depreciation to the determination of how the value of a newly acquired computer system should be assigned to expense for financial reporting purposes.
Prepare the general journal entry for the employer's payroll liability. Prepare the general journal entry for the employer's payroll tax liability. Prepare the general journal entry to liquidate the liabilities accrued in parts (a) and (b) on March 3..
Provide the entry for the issuance assuming the par value of the common was $5 and the market value $30, and the par value of the preferred was $40 and the market value $50. (Each valuation is on a per share basis and there are ready markets for ..
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