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Browne and Red, both C corporations, formed the BR Partnership on January 1, 2009. Neither Browne nor Red is a personal service corporation, and BR is not a tax shelter. BR's gross receipts were $4.6 million, $5 million, $6 million, and $7 million, respectively, for the four tax years ending in 2009, 2010, 2011, and 2012. Describe the methods of accounting available to BR in each tax year.
Millman Electronics will produce 60,000 stereos next year. Variable costs will equal 50% of sales, while fixed costs will total $120,000.
Distinguish between discretionary and committed fixed costs.
What is the economic and tax policy rationale regarding corporate formation? When will a transfer be deemed a taxable event? How is basis determined? What if assets are contributed to a corporation by a non shareholder such as a government entity?
Standlar Company makes wireless speakers. The standard model price is $360 and variable expenses are $210. The deluxe model price is $500 and variable expenses are $300.
Several years ago the Haverford Company sold $1,000 par value bond that now has 25 years to maturity and an 8.00% annual coupon that is paid quarterly.
Design a performance evaluation report for the purchasing department. Describe what each item in the report measures. Evaluate the performance of the purchasing department.
Donald Corporation owns machinery with a book value of $670,000. It is estimated that the machinery will generate future cash flows of $560,000.
Retained earnings at 1/1/10 was $150,000 and at 12/31/10 it was $200,000. During 2010 cash dividends of $60,000 were paid and a stock dividend of $40,000 was issued.
Explain what must have happened to account for the remainder of the change in the accumulated depreciation account during 2007.
Evaluate the proposed change in credit standards and make a recommendation to the firm.
On May 10, 2007, Wiley, Inc remitted $91,450 to the state tax division for April 2007 sales. Calculate the amount of Wiley's April 2007 sales subject to sales tax, and, record the journal entry that would be made when the tax is paid:
when a company applies the partial equity method in accounting for its investment in a subsidiary and initial value, book values, and fair values of net assets acquired are all equal, what consolidation worksheet entry would be made?
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