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Geronimo Corp. will earn $1,000,000 in taxable income before depreciation and any deduction under §179 in calendar year 2010. Geronimo Corp. has no depreciable assets so far but is going to purchase a piece of machinery for $600,000 in December 2010. This machinery is considered 7 year MACRS property and also qualifies as §179 property. What is the maximum tax deduction Geronimo Corp. can take for this asset in 2010?
High-low method and regression analysis. Local Harvest, a cooperative of organic family-owned farms outside of Columbus, Ohio, has recently started a fresh produce club to provide support to the group's member farms, and to promote the benefits of..
Calculate the total dollar amount of discount or premium amortization during the first year (5/1/10 through 4/30/11) these bonds were outstanding. (Show computations and round to the nearest dollar.)
State how the concept of "professionalism" in the public accounting industry shifted or evolved between Federal Trade Commission's "restraint of trade" decision in the early 1970s and today, several years following passage of the Sarbanes-Oxley Ac..
Surprise Corporation's sales budget showed expected sales of 13,400 widgets. Starting finished goods contained 1,200 widgets. The firm determined that 14,100 units should be produced.
What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why?
What are the differences between substantive tests of transactions and tests of details of balances?
"The difference between practical capacity and master-budget capacity utilization is the best measure of management's ability to balance the costs of having too much capacity and having too little capacity." Do you agree with this statement? Why o..
Cindi's Candies paid employee wages on and through Friday, January 26, and the next payroll will be paid in February. There are three more working days in January (29-31). Employees work 5 days a week and the company pays $900 a day in wages. What..
Calculate the amount of net income reported on XYZ Company's 2011 income statement. Do not use decimals in your answer.
Assume that Lagerfield increases the selling price of hammers by 10% on June 1. How many hammers will have to be sold in June to maintain the same level of net income?
On January 3, 2011, Willis Company purchased 3,000 of the 10,000 outstanding shares of Demi Corp for $300,000. On October 31, 2011, Demi Corp declared dividends of $40,000 and on December 31, Demi Corp had net income of $800,000. What entry would ..
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..
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