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Question - Kirby and his wife Melinda own all of the stock of Thrush. Melinda is the president, and Kirby is the vice president. Melinda and Kirby are paid salaries of $500,000 and $350,000, respectively, each year. They consider the salaries to be reasonable based on a comparison of salaries paid for comparable positions in comparable companies. They project Thrush's taxable income for next year, before their salaries, to be $975,000. They decide to place their three teenage children on the payroll and to pay them total salaries of $125,000. The children will each work about 5 hours per week for Thrush.
a. What are Kirby and Melinda trying to achieve by hiring their children?
b. Calculate the tax consequences on Thrush and on Kirby and Melinda's family of hiring the children.
Determine the amount of the adjusting entry for bad debt expense.
your firm is considering the purchase of a new bus to replace the one they have in use which cost 17000 five years
Graham Corporation used the following data to evaluate its current operating system. Prepare the actual income statement, flexible budget, and static budget.
Calculate the weighted-average contribution margin. Determine Delectable's monthly breakeven point in dozens of plain donuts and custard-filled donuts. Prove your answer by preparing a summary contribution.
on may 31 2007 core company issued 1000 14 10-year 1000bonds at 105. each bond was issued with one detachable
Interview the manager of a restaurant. Does the restaurant make or buy soups and deserts? Based on your interview, write a short report that explains why the restaurant makes or buys each of these items.
Malaysia, a key petroleum and liquefied gas exporter, has seen uninterrupted export contractions in USD terms since October 2014, as prices for petroleum products and palm oils remain stuck at historical lows.
Brandeis Corporation has two production Departments: P1 and P2 and two service departments: S1 and S2. Direct costs for each department and the proportion of service costs used by the various departments for the month of July are as follows:
the following data are available for a companys manufacturing activitiesnbspnbspbeginning goods in process
In 2010, Drew Gooden Company has net credit sales of $1,600,000 for the year. It had a beginning accounts receivable (net) balance of $101,000 and an ending accounts receivable (net) balance of $107,000.
Prepare the journal entry necessary to record a change from the average cost method to the FIFO method in 2011.
Required: Assuming the straight-line amortization method is followed, prepare the journal entry on December 31, 2021
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