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58 Nicole, a calendar year individual, owns 30%of Creole Cravings,inc,. a C corporation that was formed on February 1,2011. She receives a $5000 monthly salary from the corporation, and Creole cravings generates $200000 of taxable income (after accounting for payments to Nicole) for its tax year ending January 31,2012
a. How do these activities affect Nicole's 2011 adjusted gross income?
b. Assume, instead that Creole cravings is a partnership (January 31 year-end) and that it classifies Nicole's salary as a guaranteed payment. How do these activities affect Nicole's 2011 and 2012 adjusted gross income?
Evaluate the general procedure of accounting for bankruptcies and create at least one recommendation for improving existing practices. Providing examples of just how your recommendation would be an improvement can be helpful.
Assume that at the beginning of 2010, Northeast USA, a FedEx competitor, purchased a used Boeing 737 aircraft at a cost of $53,000,000. Northeast USA expects the plane to remain useful for five years (six million miles) and to have a residual valu..
Tranquility, Inc., an exempt organization, leases factory equipment to Blouses, Inc. Blouses is a taxable entity that manufactures women's clothing for distribution through upscale department stores.
Robinson Enterprises purchased 56,000 pounds (cost = $420,000) of direct material to be used in the manufacture of the company's sole product. According the production specifications, each completed unit requires five pounds of direct material at ..
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During 2011, Milton Hanover was granted a divorce from his wife. The divorce decree stipulated that he was to pay both alimony and child support for a specified period of time.
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What is the amount of contribution margin that will be obtained per machine hour on each product? Which product would you recommend that the company work on next week - the orders for product F, product G, or product H? Show computations.
Record the following transactions of a company in a general journal form: Reacquired 8,000 of its own $10 par value common stock at $40 cash per share. The stock was originally issued at $15 per share.
Your friend, Wendy Geiger, owns a small retail store that sells canies and nuts. Geiger acquires her goods from a few select vendors. She generally makes purchase orders by phone and on credit. Sales are primarily for cash. Geiger keeps her own ma..
Haywood Company sells a single product with a contribution margin of $5 per unit, fixed costs of $74,400, and sales for the current year of $100,000. What is the break-even point?
The sausage system will save the firm $256,800 per year in pretax operating costs, and the system requires an initial investment in net working capital of $59,920.
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