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Bjorn owns a 40% interest in an S corporation that earned $150,000 in 2008. He also owns 30% of the stock in a C corporation that earned $150,000 during the year. The S corporation distributed $35,000 to Bjorn and the C corporation paid dividends of $35,000 to Bjorn. How much income must Bjorn report from these businesses?
a. $0 income from the S corporation and $0 income from the C corporation.
b. $35,000 income from the S corporation and $35,000 income from the C corporation.
c. $60,000 income from the S corporation and $35,000 of dividend income from the C corporation.
d. $60,000 income from the S corporation and $0 income from the C corporation.
e. None of the above.
Determine the amount of the completed gift, if any, arising from each of the following occurrences.
Peterson Company purchased machinery for $480,000 on January 1. 2009. Straight-line depreciation gas been recorded based on a $30,000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2013 at a gain of $9,000.
During the year, Xero, Inc., experienced increase in net fixed assets of $300,000 and had depreciation of $200,000. If operating cash flow (OCF) for the year was $700,000, compute firm's free cash flow (FCF) for the year.
On July 1, 2007, Risen Co. issued 1500 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2007 and mature on April 1, 2017. Interest is payable semiannually on April 1 and October 1. What total amount of cash did Ri..
In May of 2011, Raymond Financial Services became involved in a penalty dispute with the EPA. At December 31, 2011, the environmental attorney for Raymond indicated that an unfavorable outcome to the dispute was probable.
The Word for the study of Values in Philosophy is "Axiology," which has the same root as "Axiom" in mathematics. In Axiology, however, values are studied as to what motivates, inspires, of is responsible for human decision making.
Journalize the six entries that adjust the accounts at December 31. One of the accounts was affected by two different adjusting entries.
Prepare the entry on P Company's books to record the effect of the issuance assuming the cost method.
A CPA is interested in testing the fairness of the ending inventory balance at an audit client. He has relatively little experience using statistical sampling methods and, does not like to turn anything over to random chance.
Determine the cost per CD assigned to each group using the relative sales value method.
You are given the following facts about a one-shareholder S corporation, and you are asked to prepare the shareholder's ending stock basis.
What is the relationship between present value and the concept of a liability?
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