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Joan operates a store in the city and uses her farmhouse on rural property 10 miles from the store for business meetings and storage. Joan works seven days a week and spends some nights in an apartment above the store and others at the farmhouse. She owns an Acura MDX that she uses to drive between the store and the farmhouse. Joan keeps a record of the business use of the SUV, but the record is very incomplete and lists the business usage for only about half of the weeks during the year. Joan is planning to take a statistical sampling from the records she has kept and extrapolate her results to determine her business usage for the SUV. She will use the automatic mileage method with these extrapolated results to determine her deductible expense for the year. Evaluate Joan's plan.
Nora transfers to Needle Corp depreciable machinery originally costing $18,000 and now having a $15,000 adjusted basis. In exchange, Nora receives all 100 shares of Needle stock having an $18,000 FMV and a three-year Needle note having a $4,000 FM..
Watson Corporation reported net income of $352,000, cash of $67,800, and net cash provided by operating activities of $221,200. What does this suggest about the quality of the company's earnings? What further steps should be taken?
Journalize the six entries that adjust the accounts at December 31. One of the accounts was affected by two different adjusting entries.
What is the amount of the child and dependent care credit they should report on their tax return for 2008?
Mortonson Corporation factored, with recourse, $300,000 of accounts receivable with Huskie Financing. The finance charge is 3%, and 5% was retained to cover sales discounts, sales returns, and sales allowances. Mortonson estimates the recourse obl..
Please determine the amount of dividends paid to common and preferred stock for each scenario presented above.
What are Lily's taxable income and tax liability for the year?
Nichols Company had 500 units of "Dink" in its inventory at a cost of $5 each. It purchased, for $2,400, 300 more units of "Dink". Nichols then sold 600 units at a selling price of $10 each, resulting in a gross profit of $2,100. The cost flow ass..
Shelley wants to cash in her winning lottery ticket. She can either receive ten, $100,000 semiannual payments starting today, or she can receive a lump-sum payment now based on a 6% annual interest rate. What is the equivalent lump-sum payment?
In 2009, Osgood Corporation purchased $4 million in ten-year municipal bonds at face value. On December 31, 2011, the bonds had a market value of $3,600,000 and Osgood reclassified the bonds from held to maturity to trading securities.
Discuss the advantages and disadvantages of each costing method including FIFO, LIFO, and Average Cost.
The contribution margin in the campus store is $110,000. Direct fixed costs are $90,000 in the downtown store and $93,000 in the campus location. How much are total variable costs?
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