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Cokea, a corporation of Turkey, is engaged in the production and grapes and operates a branch in Texas. The branch's "U.S. net equity" was $1,000,000 as of the end of 2011. During 2012, the Texas branch had taxable income effectively connected with a U.S. trade/business of $1,000,000 and a U.S. income tax liability of $350,000. During 2012, the corporation purchased a new field in Texas for $500,000. At the end of 2012, the branch's "U.S. net equity" was $1,300,000. The Texas branch remitted $200,000 in cash to the head office in Turkey on September 30, 2012. What, if any, is the dividend equivalent amount for 2012?How would your answer change if the "U.S. net equity" of the branch was $1,650,000 at the end of 2012? How much tax would be owed?
A company changes from percentage-of-completion to completed-contract, which is the method used for tax purposes. The entry to record this change should include a :
How would applying a flat tax decrease errors, when the progressive tax rates is just a simple formula? How would you measure gross income? Do you think that deductions should be eliminated? Which ones and why?
Speedy Parcel Service operates a fleet of delivery trucks in a large metropolitan area. A careful study by the company's cost analyst has determined that if a truck is driven 120,000 miles during a year, the average operating cost is 11.6 cents pe..
Pierson Corporation owned 10,000 shares of Hunter Corporation. These shares were purchased in 2007 for $90,000. On November 15, 2011, Pierson declared a property dividend of one share of Hunter for every 10 shares of Pierson held by a stockholder.
Provide the necessary journal entries to record the transactions for Wilcox for the period January 2, 2011 through December 31, 2012.
Prepare the journal entries to record the following transactions in Hunt Ltd’s records using the perpetual inventory system. (For multiple debit or credit entries, list accounts in order of magnitude.)
Lighthouse, Inc. uses the percentage of credit sales method to record bad debt and estimates the percentage to be 2.5%. What is the adjusting entry to record bad debt on 12/31/10?
Construct a tab two-way le for this situation and hence, or otherwise, find the probability that a borrower defaulted on a car loan of unknown value
Using the net present value method, the present value of cash inflows for Project A is $44,000 and the present value of cash inflows of Project B is $24,000. If Project A and Project B require initial investments of $40,000 and $20,000, respective..
Evaluate the various accounting treatments for stock compensation and how do they relate to the practice of accounting and its uses in business.
Could we use managerial accounting "tools" to assess the profitability of an organization other than a manufacturing business, or are the topics we are learning only related to manufacturing?
During 2011, Doane earned $200,000 and paid dividends of $60,000 on April 1 and $60,000 on October 1. On July 1, 2011, Rich sold half of its stock in Doane for $264,000 cash. What should be the gain on sale of this investment in Rich's 2011 income ..
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