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XYZ Company reported cash collections from customers of $450,000 inits 2004 statement of cash flows. At January 1st, 2004, accounts receivable totaled $41,000 while accounts receivable at December 31st, 2004 totaled $56,000. At January 1st, 2004, unearned revenue totaled $8,000 while at December 31st, 2004, unearned revenue totaled $11,000.
Calculate the sales revenue reported by XYZ Company in its 2004 income statement.
Kingbird Corporation (E & P of $800,000) has 1,000 shares of stock outstanding. That stock is held by Amata (550 shares) and Esteban (450 shares), who are unrelated individuals. Kingbird redeems 200 of Amata's shares for $1,000 per share. Amata pa..
Beta Corporation incurs a $60,000 regular tax liability and a $20,000 AMT liability. Assuming no restrictions on Beta's ability to use the minimum tax credit, what journal entry would be necessary to record tax expense?
Indicate how each item should be classified in the statement of cash flows using these four major classifications: operating activity (indirect method), investing activity,
Discuss the conflict between the need for personal privacy and confidentiality in banking transactions and the need for the government to curtail money laundering activities.
A company has 20,000 shares of $12 par common stock outstanding. Present entries to record the following:
Dan and Patrick have asked you, their accountant, to determine how their repayments should be treated for tax purposes. Dan is still working as a highly compensated executive for Osprey while Patrick is retired and living off his savings.
Buhl Corp. sponsors a defined benefit plan for its employees. On January 1, 2008, the following balances relate to his plan: Using the data above, compute pension expense for Buhl Corp. for the year 2008 by preparing a pension workheet that shows ..
The large trucks are expected to cost 600,000 and to have a four year useful life and a 60,000 salvage value. Calculate the present value index for each alternative.
What is the amount and initial character of the gain or loss from disposition of the real estate? Is any of the gain unrecaptured § 1250 (25%) gain?
You are the vice president of operations for a small manufacturing company that uses the absorptive method of accounting for fixed manufacturing overhead, and you are approaching the end of the year.
Plan A: MRE offers to let Axel pay $55,000 each year for five years. The payments include interest at 12% per year. Plan B: Westernhome will let Axel make a single payment of $425,000 at the end of five years. This payment includes both principal and..
Paulsen Company sells 100,000 units for $15 a unit. Fixed costs are $350,000 and net income is $250,000. What should be reported as variable expenses in the CVP income statement?
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