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Problem - Wade filed his Federal income tax return on time but did not remit the balance due. Compute Wade's failure to pay penalty in each of the following cases. The IRS has not issued a deficiency notice.
a. Four months late, $3,000 additional tax due.
b. Ten months late, $4,000 additional tax due.
c. Five years late, $5,000 additional tax due.
Zebra, Inc. a calendar year S corporation, incurred the following items this year. Calculate Sammy's share of any Zebra long-term capital gain, if any
A company has the following current assets: Cash, $10,000; Accounts Receivable, $70,000; and Inventory, $20,000. The company also has current liabilities of $40,000. Calculate the company's current ratio and quick ratio.
At the time of liquidation the property has a FMV of 80K. What amount of loss can be recognized by the corporation on the distribution of property
The Amherst Company has net profits of $10 million, sales of $150 million, and 2.5 million shares of common stock outstanding.
Thirty percent of the total assets of Shanahan Corporation have been financed through borrowing. What is the amount of owners equity
Interest is paid annually on November 31st. The market rate for a similar bond is 8%. Provide the journal entries for the transaction on December
For the payroll period ended on June 25, 2013, gross pay was $14,300, net pay was $10,200, FICA tax with holdings were $1,000, income tax with holdings were $2,500, and medical insurance contributions were $600.
The scanner costs $6,900,000, and it would be depreciated straight-line to zero over four years. Because of radiation contamination, it will actually be completely valueless in four years.
SSS collected $ 162,000 in admissions fees from its opera performances during the year. It also had the following expenses, which it paid in cash
For Meyers Company at August 31, 2012, Prepare the closing entries needed on August 31, 2012, using the Income Summary account.
Ms. Knowles, a shareholder of the firm, owns 100 shares of stock. What is her cash flow under the current capital structure, assuming the firm has a dividend payout rate of 100 percent?
as a result of their divorce fred agrees to pay alimony to tammy of 20000 per year. the payments are to cease in the
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