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In general personal living expenses are non-deductible for tax purposes. Taxpayer was a federal judge for District of Connecticut sitting in Bridgeport. In the last year, he was recalled to the Southern District of New York for an indefinite period of time (where he began his career). His commute from Connecticut to New York can take from one to two hours. Instead of commuting each day, he sometimes travels to the City for a couple of days and stays overnight at a hotel. He attempts to deduct the costs of his travel, meals and lodging, as ordinary and necessary trade or business expenses, incurred while away from home in the pursuit of business. Based on the decision in Comm. v. Flowers , should the judge win this case? Explain the principles of tax law which decide your answer.
Of all of the managerial accounting topics that you learned about this semester, which one(s) do you think you might use in your career? Why is this important, and how do you see using this managerial accounting information? Participate in discussion..
2013 Total Assets $48 Total Liabilities ($17) Net Income $31. 2012 Total Assets $28 Total Liabilities ($5) Net Income $23 Compute the amount of Swit's net income or net loss during the year ended January 2013;
Write a 2-3 page paper that recommends a strategy for the future growth of Compnet. Identify specific risks associated with the strategy.
What happens to the accounting equation when the adjustment that recognizes accrued interest revenue is recorded and Miracle Company estimates that federal income taxes for the month of May will be $11,000. What is the effect of the adjustment on th..
XYZ ltd bought an item of plant at a cost of sh. 5,000,000. Depreciation is charged on straight line with an estimated useful life of 10yrs. After 3 years of use, it is estimated that the asset will be used for a further 5 years only.
Financial statements for Bernard Company to calculate the Working capital, Current ratio and Quick ratio
Determine the cost of the office and illustrate the journal entries to record the costs.
What method does Tootsie Roll use to value its inventory? What is the amount of the receivables Tootsie Roll expects to collect (this is termed the net realizable value)?
Management has determined that their product should sell for $10 per unit. To manufacture the product, the firm spends $2 each for materials and $1.35 for labor. What price should the producer (or manufacturer) charge to wholesalers? Industry experts..
Also, in your view, what would be the next steps for improvement that the company would need to undertake in order to correct the problem? Explain your reasoning.
Daggett, Lamppin, and Pendergast are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $150,000, $90,000, and $60,000, respectively. Assume Sanford joins the partnership by investing $140,000 for a 25% ..
Calculate the following for the company: gross accounts receivable at end-x8; allowance for bad debts at end-x8 (round to nearest 000); bad debt expense recognised in x8.
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