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In April 2011, Dan is audited by the IRS for the year 2009. During the course of the audit, the agent discovers that Dan's deductions for business travel and entertainment are unsubstantiated, and a $6,000 deficiency assessment is proposed for the tax year 2009. The agent also examined some prior-year returns. The agent discovers that Dan failed to report $40,000 of gross business income on his 2007 return. Gross income of $60,000 was reported in 2007. The agent also discovers that Dan failed to file a tax return in 2002. Will the statute of limitations prevent the IRS from issuing a deficiency assessment for 2009, 2007, or 2002? Explain.
Prepare Dold's journal entries for the initial transaction, recognition of interest each year, and the collection of $35,843 at maturity. (Round answers to 0 decimal places, e.g. $6,538. Credit account titles are automatically indented when the am..
Current and projected free cash flow for Radell Global Operations are shown below. Growth is expected to be constant after 2012, and the weighted average cost of capital is 11%. What is the horizon (continuing) value at 2012?
Which of the following expenses would not appear on a Selling and Administrative Expense Budget? Which of the following costs incurred by a restaurant store is not an example of a variable cost?
What is the ROE for a firm with times interest earned ratio of 2, a tax liability of $1 million and interest expense of $1.55 million if equity equals $1.5 million?
On that date, when the market price of Hunter was $14 per share, there were 90,000 shares of Pierson outstanding. What gain and net reduction in retained earnings would result from this property dividend?
Liabilities incurred, such as for accrued payroll, but still unpaid at year-end, should be recorded in the General Fund by a debit to which of the following accounts?
How do the calculation and comparison to previous years of the gross margin percentage and the ratio of accounts receivable to sales are related to the conformation of accounts receivable and other tests of the accuracy of accounts receivable?
Can the state revenue agency collect the outstanding payroll tax from greater under the Federal joint and several liability rules for tax obligation of consolidated return affiliates?
When should variances be investigated? Who should be responsible for correcting a negative variance? Why? What are some factors that can lead to variances? How can variances be corrected?
For the current year, David has salary income of $80,000 and the following property transactions: What is David's AGI for the current year?
Charley Company's Assembly Department has materials cost at $3 per unit and conversion cost at $6 per unit. There are 9,000 units in ending work in process, all of which are 70% complete as to conversion costs. How much are total costs to be assig..
Describe the elements of an organization's external environment. Why is it important to understand the external environment?
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