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a. June and John decide to form a business. They each plan to contribute $15,000 in exchange for a 50 percent interest in the business. They will then take out a bank loan for $30,000 to cover the balance of their working capital needs. They expect that the business will make a profit of $64,000 in the first year and that it will not make any cash distributions that year. Excluding the business income, June, who files as head of household, has $475,000 of salary income and $450,000 taxable income. John is married and files a joint return; he and his wife have $130,000 of combined salary income and $100,000 taxable income. They want to know how much tax the business will pay and how much additional tax they will personally pay in 2014 if they form the business as a partnership, S corporation, or C corporation. Consider only income taxes.
During 2010, Markel had actual outlay of $48,000 for repairs under warranty. Markel employs the expense warranty accrual method-What amount should the company report for estimated liability under warranties at the end of 2010?
questionnbspdescribe what is likely to occur if company personnel erroneously recorded a sales transaction for the
inland machine tool inc. is authorized to issue 700000 shares of 5 par common stock. the company issued 71000 shares at
Do you concur with the new accountant's recommendation? Present a schedule to support your answer.
Taxable income of a corporation: a. differs from accounting income due to differences in intraperiod allocation between the two methods of income determination b. differs from accounting income due to differences in interperiod allocation and perma..
materials costs of 423000 and conversion costs of 559000 were charged to a processing department in the month of
on september 30 of the current year silver fox corporation files for bankruptcy. at the time it estimates that the
Watson Electric produces bulbs for emergency flashlights. The following data on the number of lumens (i.e. lumens measure the level of "brightness") for 40-watt bulbs were collected when the process was in control.
Old Alabama Company purchased investments for $45,000 and plant assets for $127,000 during the current year, during which it also sold plant assets for $66,000, at a gain of $6,000. The company also purchased treasury stock for $78,000 and sold a ..
the standard costs and actual costs for direct materials direct labor and factory overhead for the manufacture of 2500
You invest $1,000 a year for ten years at 10 percent and then invest $2,000 a year for an additional ten years at 10 percent. How much will you have accumulated at the end of the 20 years?
lopez company has been approached by a new customer to provide 2000 units of its regular product at a special price of
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