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The Yellow Equipment Company, an accrual basis C corporation, is a manufacturer's representative and works on a commission basis (15% of sales that it places) and does not carry inventory. In November 2010, Yellow made a sale and collected a commission for $15,000. In June of 2011, the customer had not received the equipment from the manufacturer and canceled the order. As a result, Yellow was required to refund the $15,000 commission to the manufacturer. Yellow's taxable income in 2010 was $70,000, and in 2011 Yellow's taxable income was $20,000 after deducting the refund. The applicable tax rate schedule is 15% on the first $50,000 of income and 25% on income in excess of $50,000. What is the effect of the refund on Yellow's 2011 tax liability?
On January 1, 2010, West Co. exchanged equipment for a $400,000 zero-interest-bearing note due on January 1, 2013. The prevailing rate of interest for a note of this type at January 1, 2010 was 10%. The present value of $1 at 10% for three periods..
A firm lends $10,000 for 5-years with no stated interest rate. The market rate of interest at the time would have been 5%. What is the journal entry that should be made a. at the time the money is loaned and b. at the end of the first year of the ..
Comment on the appropriateness of this viewpoint. Prepare a report outlining the need for regulation in accounting and why a free market for accounting information is not ideal.
China is a manufacturing superpower. Assume that you are CFO of an automobile manufacturer looking to build a $U.S.800 million plant in China. You are discussing this project with your spouse, who is intelligent, but has no background in finance.
Litten Corporation's most recent income statement appears below: gross margin percentage. The gross margin percentage is closest to:
Which of the following is a true statement regarding primary authority of tax law?
purchased incubators for the nursery for $47,300 from unrestricted resources. (assume straight line deprecation on all hospital capital assets).
A purchasing agent makes a purchase and when the item is shipped it is delayed. Which department bears the cost of time lost in the plant due to the delay in shipment and should the plant manager be responsible?
On January 1, 2010, Ellison Co. issued eight-year bonds with a face value of $1,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are: The present value of the ..
Fraud is more than just the intentional misstatement of financial statements. What are other areas where they may be fraud risk that are perhaps not on the level of financial statement misstatement?
Evaluate the importance of ethics in accounting. Do you think ethical behavior is more or less important in this profession than in others? Defend your position. Analyze the code of professional conduct, including enforceable and non-enforceable p..
What portion of the $320,000 should be shown as a current and long-term liability, respectively, in Beyer's December 31, 2010 balance sheet?
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