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Problem - The budget director for Finch Cleaning Services prepared the following list of expected selling and administrative expenses. All expenses requiring cash payments are paid for in the month incurred except salary expense and Insurance. Salary is paid in the month following the month in which it is incurred. The Insurance premium for six months is paid on October 1. October is the first month of operations; accordingly, there are no beginning account balances.
Required -
a. Complete the schedule of cash payments for S&A expenses by filling in the missing amounts.
b. Determine the amount of salaries payable the company will report on its pro forma balance sheet at the end of the fourth quarter.
c. Determine the amount of prepaid insurance the company will report on its pro forma balance sheet at the end of the fourth quarter.
Paul has a $63,000 basis in his partnership interest. On May 9 of the current tax year. How much is Paul's realized ad recognized gain on the distribution?
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Velocity, Inc., a foreign corporation, earned $500,000 U.S.-source income from royalties. Compute Velocity US income tax on these amounts
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Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).
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