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Early in the year, Marcus was in an automobile accident during the course of his employment. As a result of the physical injuries he sustained, he received the following payments during the year:
Reimbursement of medical expenses paid by a medical insurance policy Marcus purchased - $7,000
Damage settlement to replace his lost salary - $6,000
What is the amount that Marcus must include in gross income for the current year?
a) $20,000b) $13,000c) $7,000d) $6,000e) $0
Elsie Dairy Products Corp. buys one input, full-cream milk, and refines it in a churning process. Allocate the $31,680 joint cost to the spreadable butter and the buttermilk using the following (show work):
Discuss the costs of quality associated with the mass production of a product. At the least, address the following question.
All of the Information you need for the Project is located in this Workbook.There are 10 Sheets in the Workbook including this one.
Prepare any journal entries you consider necessary, including year-end entries (December 31), assuming these are available-for-sale securities.
Write a memorandum to Bob explaining the tax consequences of the incorporation. As part of your memorandum examine the possibility of having the corporation issue common and preferred stock and debt for the shareholder's property and money.
On July 31, 2010, Fenton Company had a cash balance per books of $6,140. The statement from Jackson State Bank on that date showed a balance of $7,695.80. A comparison of the bank statement with the cash account revealed the following facts.
Shelton Engineering completed the following transactions in the month of June. Prepare a trial balance as of the end of this month's operations
Assume total liabilities are $40,000, total stockholders' equity $75,000, and all assets, other than current assets, total $50,000. What would be the amount of current assets?
Jason borrows $50000 from his father and promises to pay it back over the next 10 yrs making equal annual end of the year payment .Calculate the amount of each payment if the annual interest rate is 9%.
Annual common fixed expenses for the company totals $100,000. During the year Greenville Goober sold 35,000 units of Product A and 20,000 units of Product B.
During 2010 Williamson Company changed from FIFO to weighted-average inventory pricing.
How much goodwill will be reported in the consolidation financial statements on December 31, 2012, at the end of Allen's fiscal year? What is the excess amortization expense for the period ending December 31, 2012?
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