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Woody Corp. had taxable income of $8,000 in the current year. The amount of MACRS depreciation was $3,000 while the amount of depreciation reported in the income statement was $1,000. Assuming no other differences between tax and accounting income, Woody's pretax accounting income was:
A. $5,000.
B. $6,000.
C. $10,000.
D. $11,000.
Assume Simple Co. had credit sales of $282,000 and cost of goods sold of $138,000 for the period. Simple uses the percentage of credit sales method and estimates that 0.25 percent of credit sales would result in uncollectible accounts. Before the ..
Hill and Billy plan to marry either immediately before or immediately after year-end. Hill's taxable income for 2011 is $89,000 and Billy's is $85,000 before their exemptions and deductions.
Calculate the income recognized by Parcell under the percentage-of-completion method of accounting in each of the years 2007, 2008, and 2009.
American leases various types of equipment and property, primarily aircraft and airport facilities. The future minimum lease payments required under capital leases
During the year, we received $7,000 in advance of performing the services. These services will be performed next year in 2009. Can you show the computation of revenue for 2008 on cash basis?
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 ..
Which one is not a main question when you evaluate earnings' quality?
Variable operating costs $6.50 per ton-mile, Fixed Costs $8,000,000. Each of the retail outlets is charged for cost of products delivered to it. What is the allocated cost per ton-miles in 2003 if costs are allocated according to budgeted usage?
Treasury stock that had been purchased for $5,400 last month was reissued this month for $7,500. The journal entry to record the reissuance would include a credit to
On August 1, 2011, Lane Corporation called its 10% convertible bonds for conversion. The $8,000,000 par bonds were converted into 320,000 shares of $20 par common stock. On August 1, there was $700,000 of unamortized premium applicable to the bond..
What is the Securities and Exchange Commission? How does it affect financial decision-making? What constraints might it put on the company?
You determine that $104,000 of the current and accumulated earnings and profits for the year is required for the reasonable needs of the business. The allowable accumulated earnings credit for the year is?
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