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Compute the failure to pay and failure to file penalties for John, who filed his 2010 income tax return on October 20, 2011, paying the $30000 amount due at that time. On April 1, 2011, John had received a six-month extension of time in which to file his return. He has no reasonable cause for failing to file his return by October 15 or for failing to pay the tax that was due on April 15, 2011. John's failure to comply with the tax laws was not fraudulent.
On December 31, of the current year, a company's unadjusted trial balance revealed the following: Accounts receivable of $185,600; Sales Revenue of $1,280,000; (75% were on credit), and Allowance for Doubtful Accounts of $1,600 (credit balance). P..
What are some of the most common costs incurred associated with an audit engagement? Which costs could be better controlled? Why?
On January 1, 2010, Priscilla signed a FIVE year lease to rent office space from Marjorie. The lease commenced immediately on January 1, 2010. During 2010, Priscilla paid Marjorie $24,000 for the first year's rent, $2,000 for the last month's rent..
Determine Rogene's taxable income for the current year. Identify any temporary or permanent book-tax differences.
On March 1, 2009, Warren sold 30 million common shares. In keeping with its long-term share repurchase plan, 2 million shares were retired on June 30. Warren's net income for the year ended December 31, 2009, was $1,050,000,000. The income tax rat..
Prepare the journal entry(s) and defend your reasoning process for the admission of Flint to the partnership assuming Flint invested $400,000 for the ownership interest. Flint paid the money directly to Chang and to Danos for 50% of each of their ..
What entry must Sam's Painting Service make on December 31 before financial statements are prepared?
accounting objective questions, Which of the following is a cash flow from operating activities? A cash inflow from financing activities includes?
On January 1, 2003, ABC co. purchased a building and machinery that have the following useful lives, salvage value, and costs-Prepare the journal entry necessary to record the depreciation expense on the building in 2008
Assume Grant uses straight-line depreciation. What are the income statement, balance sheet, and statement of cash flow effects for 2006?
During the year, Mac withdrew $93,000 from the business for his personal living expenses. Assuming MACS is a sole proprietorship, how do these transactions affect Mac's taxable income for the year?
Examine the four eras of business and make a prediction for what the next era will be like. Explain the rationale behind your prediction.
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