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In November 2010, Sheldon, a calendar-year taxpayer, purchased office equipment (5-year property) for $600,000. The property was immediately placed into service (and is being used exclusively in Sheldon's extremely profitable business). No other personal property will be purchased by Sheldon in 2010. Sheldon wants to take the largest possible tax deduction in 2010 relating to the equipment. Compute the largest tax deduction possible in 2010 for the equipment (consider the Section 179 election, Bonus Depreciation, and MACRS):
a. $120,000b. $500,000c. $557,143d. $600,000
As a monopoly, compute Quick Tax's output, price, and profits at the profit-maximizing activity level.
You just purchased a bond that matures in 4 years. The bond has a face value of $1,000 and has an 9% annual coupon. The bond has a current yield of 7.63%. What is the bond's yield to maturity? Round your answer to two decimal places.
Columbia Corp held 1,500 of Vianco common stock with a cpst of $74,387. These shares were classified as a long term available-for-sale investment. It sold the shares on December 31st for $55,275. Prepare the journal entry to record this sale.
Policies regarding when a difference between actual and planned results should be investigated are generally more restrictive for non controllable items than for controllable items.
Print it Green, Inc. is a manufacturer of recycled printing supplies. The company began operations on 10/1/2008 and is dedicated to producing sustainable green printing products. Print it Green, Inc. provides recycled laser toner cartridges, recyc..
Ripoff Corporation was organized on January 3, 2003. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2003, Ripoff had the following transactions relating to shareholders' equity:
Tucker Drillin Corp. plans to borrow $200,000. Northern National Bank will lend the money at one-half percentage point over the prime rate of 8.5% (9 percent total) and requires a compensating balance of 20 percent.
For 2010 Kuhlman Corporation reported net income of $28,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?
On June 30, 2009, half the bonds were converted when Blair's common stock had a market price of $30 per share. What journal entry should Blair make record when recording the conversion?
Top Disc manufactures frisbees. The following information is available for 2013 , the company's first year in business when it produced 325,000 units. Revenue of $450,000 was generated by the sale of 180,000 frisbees.
Suburban Lifestyles, Inc. has manufactured prefabricated houses for over 20 years. The houses are constructed in sections to be assembled on customers' lots. Suburban Lifestyles expanded into the precut housing market when it acquired Fairmont Com..
What are the permanent and temporary differences? What is NOL? Why does it occur? What are the allocation methods? What are the deferred tax assets and deferred tax liability?
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