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Sales for L.B Menielle Inc. during the past year amounted to $5 million. The firm provides parts and supplies for oil field service companies. Gross profits for the year were $3 million. Operating expenses totaled $1 million. The interest and dividend income from the securities it owned were $20,000 and $25,000, respectively. The firm's interest expenses was $100,000. The firm sold securities on two occasions during the year, receiving a gain of $40,000 on the first sale but losing $50,000 on the second. The stock sold first has been owned for 4 years; the stock sold second had been purchased 3 months before the sale. Compute the corporation's tax liability
Can you give an example of what this number may look like by using the income statement of a real-life company?
Show the journal entries in 2006. (Please be reminded the year-end for ABC Corporate is Dec 31, adjusting is required)
Assuming all sales were made on account, compute the ending accounts receivable balance that should appear in the ledger, noting any apparent shortage. Then, draft a memo dated October 3, 2010, to Mark Price, the branch manager, explaining the fac..
A machine which cost $300,000 is acquired on October 1, 2012. Its estimated salvage value is $30,000, and its expected life is eight years.
What are at least 5 considerations you will need to take into account when you make a make-decision versus a buy decision at some point in the future? Explain at least 5 reasons why these risk are important to consider.
Determine the number of equivalent units of production with respect to direct materials and conversion costs. Enter all amounts as positive numbers. If an amount is zero or a blank, enter in 0.
Many years ago, Jack purchased 400 shares of Canary stock. During the current year, the stock became worthless. It was determined that the company "went under" because several corporate officers embezzled a large amount of company funds. Identify ..
Discuss the key criteria for the operation of an effective corporate whistleblower hotline. Be sure to highlight potential pitfalls that should be avoided and reference professional codes, legislation and academic literature as appropriate.
What is the income tax owed by or refunded to an investor in the 35 percent income tax bracket. The current tax rate is 15 percent tax rate on long-term capital gains and dividend income?
What is possible "consequence" of using the allowance method rather than the direct write-off method? The method fits the matching principle, is GAAP, the SEC likes it better, sounds better for investors, what could be bad?
What is the amount of the low-income housing credit that Chris may claim in 2005 (assuming a rate of 7.96%)? What is the total amount of the credit that Chris may claim as a result of the $800,000 expenditure?
For each of the following statements, identify the kind of market it describes. Employ an example from the readings or the internet for each characteristic and explain your choice.
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