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Prior Company buys merchandise on account from Wood Company. The selling price of the goods is $900 and the cost of goods is $630. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies.
Below is the summary of the subsidiary's expected pre-tax cash flows for the first five years in each location. Even though most operating cash flows will be in pesos or bahts, the company anticipates some US dollar denominated expenses.
What is the amount that the shareholder may deduct on his personal income tax return, assuming the at-risk and passive activity rules do not apply?
Stacey and Andrew each own one-half of the stock in Parakeet Corporation, a calendar year taxpayer. Cash distributions from Parakeet are: $350,000 to Stacey on April 1 and $150,000 to Andrew on May 1.
You have been employed as an enty-level management accountant for a little year. You suspect that your immediate supervisor is invloved in a significant fraud involving diverting of company assets to personal use.
On December 1, 2010, the company declared a cash dividend of $2 per share which will be paid in cash on January 15, 2011. The annual accounting period ends December 31. Prepare the appropriate journal entries on each date.
O. Guillen (beginning capital, $69,000) and K.Williams (beginning capital ($82,000) are partners. During 2008, the partnership earned net income of $71,400, and Guillen made drawings of $18,700 while Williams made drawings of $32,200.
Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day, of the month. Each employee, wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages.
O'malley Corp. uses a weighted average process costing system. Material is added at the beginning of the production process and overhead is applied on the basis of direct labor.
A company bought a new machine for $27,000 on January 1. The Machine is expected to last 10 years and have a residual value of $4,000. If the company uses the double-declining balance method, accumulated depreciation at the end of year 2 will be:
The following information is available from Gray Co.'s accounting records for the year ended December 31, 2010 (amounts in million):
What auditing failures evident in the failure of Enron and how would these failures have contributed to the overall collapse of the company?
what happens when a shareholder in a subchapter S corporation has losses and deductions allocated to him in excess of his basis in his corporate shares?
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