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Which of the following items are exclusions from gross income? Select all that apply.
a. Alimony payments received
b. Damages award received by the taxpayer for personal physical injury - none were punative damages.
c. A new golf cart won in a church raffle
d. Amount collected on a loan previously made to a college friend
e. Insurance proceeds paid to the taxpayer on the death of her uncle - she was the designated beneficiary under the policy.
f. Interest income on City of Chicago bonds.
Prepare necessary ledger accounts in the books of both thep arties .also show how the consignment stock will appear in the balance sheet.
Computation of loss and gain on retirement of bonds - Country reacquired all of these bonds at 96 on June 30, 2007, and retired them. Ignoring income taxes, how much gain/loss should country record on the bond retirement?
Using the financial statements and additional information, compute the following ratios for Gaines Company for 2013. Show all computations.
On February 1, a customer's account balance of $2,400 was deemed to be uncollectible. What entry should be recorded on February 1 to record the write-off assuming the company uses the allowance method?
Cany Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2013 for $8,000,000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2014, new technology was introduced..
You see an ad in the paper for a used bus. You figure you could use the bus to ferry students to and from Cleveland each weekend for the next five years. Your analysis indicated that there would be sufficient demand from the students 30 weekends per ..
Determine how much money you earned or lost with each stock on a daily basis - Develop the appropriate charts that highlight your performance. You will create a minimum of two (2) charts.
Which of the following correctly presents the journal entries to record Lanier's equity in McCoy's net income and the receipt of dividends from McCoy?
Prepare Dresser's adjusting entry on Wednesday, December 31, and the journal entry to record the $8,000 cash payment on Friday, January 2.
Prepare general journal entries for the transactions - which had a cost of $5,500 and accumulated depreciation of $5,000, was traded in for a new motor (#23) with a fair market value of $6,500.
When preparing a cash flow statement, with limited information, how do you arrive at the "cash at the beginning of the year" and "cash at the end of the year" amounts? What information do you need to obtain those amounts?
Balanced scorecard is one of those management fads that will disappear several years in the future. In addition, managerial accounting should be about the numbers and not subjective criteria. Please support or refute the above statements.
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