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Jay is the sole shareholder of Brown Corporation, which is an S corporation. During the current year, Brown earned net operating income of $80,000 and had a long-term capital loss of $3,000. Also, Jay withdrew $40,000 from the corporation. Jay must report $80,000 of Brown Corporation income and may deduct the $3,000 loss on his individual Federal income tax return.
some disclosure notes are not always applicable to every business. However some are required to be included with financial statements. Which disclosures are required?
What are the equity method journal entries typically recorded by a parent company? Provide examples in your response.
Regarding the gift splitting provision of 2513, comment on the following.
All of this working capital would be recovered at the end of the life of the machine. The company requires a minimum pretax return of 13% on all investment projects. The net present value of the proposed project is closest to:
Show the loan in the balance sheet of the company
Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment for $1,000,000. During the year, Long Corporation reported net income of $500,000 and paid dividends of $200,000.Instructions:
Admire County Bank agrees to lend Givens Brick Company $300,000 on January 1. Givens Brick Company signs a $300,000, 8%, 9-month note. What entry will Givens Brick Company make to pay off the note and interest at maturity assuming that interest ha..
Last year, Twins Company reported $750,000 in sales (25,000 units) and a net operating income of $25,000. At the break-even point, the company's total contribution margin equals $500,000. Based on this information, the company's:
a. compare and contrast the size of the potential payoff and risk involved in each of these alternatives. b. calculate the 3 month rate of return on both strategies assuming that at the option expiration date Brenners' stock price has 1. increased..
In the current year, Company C lost $100,000. How should the parties report the above arrangements in its consolidated financial statements?
Creating a perception of detection can act as a deterrent to fraud. What are some ways companies attempt to create such a perception?
Venture Corporations total assets are 3 times greater than total equity; total equity is 50% of total liabilities. The total debt to total assets ratio is
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