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Fred Fisher is a licensed scuba diver who lives in Key Largo. He is employed full-time as an engineer. Five years ago he had been employed as a professional diver for a salvage company. While working for the salvage company, he became interested in marine archaeology and treasure hunting. Until last year he gave diving lessons on weekends and trained individuals in the sport of treasure hunting under the name of "Fred's Diving School." Three of the diving students he taught subsequently found shipwrecks. Fred generally did not engage in recreational diving. Last year, Fred began a treasure-hunting business named "Treasure Seekers Company." He bought a boat specifically designed for treasure hunting and did extensive research on potential locations of shipwrecks. Fred located several shipwrecks, but none were of substantial value. He did retrieve several artifacts but has not sold any yet. Although these artifacts may have some historical significance, they have a limited marketability. Thus, Fred has not yet had any gross income from his treasure hunting activities. Other than retaining check stubs and receipts for his expenses and an encoded log, Fred did not maintain formal records for Treasure Seekers Company. Fred maintains as few written records as possible because he fears for his safety. He took steps to keep his boat and equipment from public view and took precautionary measures to maintain the secrecy of his search areas. Fred incurred $5,000 of expenses relating to his treasure- hunting activities last year. Can Fred deduct the expenses of his treasure-hunting business, or will the IRS claim it is a hobby and disallow the expenses?
The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2011, balance sheet revealed the following:
How should this new partnership allocate its future net income among these partners?
Prepare a tabular summary of the effects of the alternative actions on the components of stockholders' equity, outstanding shares, and book value per share. Use the following column headings: Before Action, After Stock Dividend, and After Stock Sp..
Barrett Corporation had 6,500 units of work in process on April 1. During April, 19,100 units were completed and as of April 30, 5,100 units remained in production. How many units were started during April?
Which of the following assets would be considered 1231 property?
Company has bonds outstanding with a par value of $110,000. The unamortized premium on these bonds is $3,400. If the company retired these bonds at a call price of 94, the gain or loss on this retirement is:
When an income statement shows data for segments of the organization, and data for each segment are added together to get totals for the whole organization:
Examine the corporate financial decision-making procedure at your selected organization (Walt Disney). In your analysis be sure to address the following items:
Minimum cash balance is $2,500. Cash can be borrowed in $1,000 increments from the local bank (assume no interest charges). Calculate the expected cash balance at the end of April, assuming that cash is received only from customers and that $15,00..
A department has budgeted monthly manufacturing overhead cost of $270,000 plus $3 per direct labor hour. If a flexible budget report reflects $522,000 for total budgeted manufacturing cost for the month, the actual level of activity achieved durin..
Calculate the amount of the asset and liability of Lotus Company at the inception of the lease. (Round to the nearest dollar.) Prepare a table summarizing the lease payments and interest expense.
The income from the business before the cost recovery deduction and the 179 deduction was 810k. She takes additional first year depreciation. Determine the cost recovery deduction with respect to the asset for 2013.
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