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Carol attends State University and received a $10,000 scholarship for her senior year that began in September, 2011. Up to the time of her graduation in May, 2012, Carol had paid the following expenses for the two semesters from her scholarship funds.
First Semester Second Semester
Tuition $3,000 $3000 Residence hall room and board 1,550 Apartment living expenses 1700Books and fees 400 250Job hunting clothes 100Total 4950 5,050
Does Carol have any income as a result of the scholarship? If yes, how much is her income and in what years would it be included in gross income?
Prepare a paragraph of explanation/interpretation of the data as if this were a small part of a lengthy report to potential investors.
Explain this type of revenue recognition transaction, and what factors should be considered in determining when to recognize revenue in this transaction?
Messier Inc. manufactures cycling equipment. Recently the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company's bikes. Explain Computation of Bond Liability
Discuss the PEMDAS order of operations in mathematics. What is PEMDAS and why is important to follow it to the letter when conducting mathematical operations?
When a process costing system is used, explain how the normal and abnormal spoilages information influences on.
For the month of October, Pratt Corporation predicts total cash collections to be $1 million. Also for October, Pratt Corporation estimates its beginning cash balance will be $50,000 and that it will borrow cash in the amount of $70,000. If Pratt ..
A review of the ledger of Greenberg Company at December 31, 2002, produces the following data pertaining to the preparation of annual adjusting entries.
a. Determine the budgeted manufacturing overhead rate for each department. b. Prepare the necessary journal entries to summarize the March transactions for Department 100. c. What is the total cost of Job A?
If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.
Calculate the amount of gift tax due (if any) on the 2008 gift, given Chris has made only one prior taxable gift of $1.5 million in 2005, at which he used the applicable unified credit. Please note the annual exclusion in 2008 was $12,000.
In which of the following situations is the taxpayer not allowed a deduction for moving expenses?
On December 1, 2011, Barnum Company (a U.S. -based on company) entered into a three-month forward contract to purchase 1,000,000 ringgits on March 1, 2012. The following U.S. dollar per ringgit exchange rates apply.
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