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Smithson Corporation had a 1/1/10 balance in the Allowance for Doubtful Accounts of $10,000. During 2010, it wrote off $7,200 of accounts and collected $2,100 on accounts previously written off. The balance in Accounts Receivable was $200,000 at 1/1 and $240,000 at 12/31. At 12/31/10, Smithson estimates that 5% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2010?
In 2010, Athena reported $35000 of taxable income. Of this, $30000 came from her work at the local library and the remaining $5000 was from capital gains to be taxed at preferential rates. Compute her tax liability for 2010 as a single taxpayer.
At December 31, 2008, McGovern Company overstated ending inventory by $50,000. How does this error affect net income for 2009?
The ABC Co. has no debt in its capital structure, a beta of 0.8, and raises all funds through sale of common stock. The current market rate for similar stock is 14% and the risk-free rate is 6%.
The interest is computed based on the beginning balance of the loan for the month. The company has a cash balance of $20,000 and a loan balance of $40,000 at January 1. Prepare monthly cash budgets for each of the first three months of next year.
What are the gift tax consequences of an irrevocable transfer of $10,000,000 in trust to grantor's son for life, with all income payable to son, then remainder to charity on son's death? Grantor makes no other transfers that year, and grantor is n..
Compare target costing and cost-plus pricing. When is each the most appropriate method to use? Provide an example of each.
Barbara and Bill formed an equal partnership, B&B, a general partnership, on January 1, 2011. Barbara contributed $100,000 in exchange for her one-half interest.
Which of the following would not indicate possible asset impairment?
Returns and allowances amounted to $2,000. It purchased equipment normally selling for $10,000 at a 20% discount. Based on these facts, what is its gross income for the year?
This equipment replaces old equipment that was sold for $10,000 cash. Ignoring income taxes, the new equipments has a pay-back period of:
Prepare Nguyen Corporation's income statement for 2011, including earnings per share, assuming a weighted average of 100,000 shares of common stock outstanding for 2011.
If a plant assests of a manufacturing company are sold at a gain of $820,000 less related taxes of $250,000, and the gain is not considered unusual or infrequent, the income statement for the period would disclose these effects as:
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