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Frank Clarke, an employee of Smithson Company, was covered under a noncontributory pension plan. Frank died on April 15 2010 at age 64 and pursuant to the plan, his widow received monthly pension payments of 500 beginning May 1 2010. This non forfeitable death benefit was part of a group plan. What is the total amount of the above receipts that the widow should exclude from her gross income for 2010.
a. 0
b. 5000
c. 9000
d. 14000
On May 1, 2010, a company purchased a new machine which it does not have to pay for until May 1, 2012. The total payment on May 1, 2012 will include both principal and interest. Assuming interest at 10% rate, the cost of the machine would be the t..
The diverse measurement techniques developed for different types of assets suggest that standard setters are confused about the nature of the attribute that is to be measured.
What is the "kiddie tax" all about? What is its purpose? What "scheme" does it seek to prevent? Do you think it is really necessary? If so, why do you think it cuts off at 14?
What is the normal due date for the tax return of calendar-year taxpayers? What happens to the due date if it falls on a Saturday, Sunday, or holiday?
The average daily demand is 150 customers. The convenience store currently operates 6 hours a day. Each order takes approximately 2 minutes. a. What is the average customer waiting time, in minutes?
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Use the book value method to record the conversion of $9 million of bonds into common stock with a $10 par value if conversion occurred when the market price of the common was $24 per share, and total convertible debt outstanding amounted to $36 m..
Discuss the four criteria used for determining if a lease is to be treated as a capital lease. How does the distinction affect the timing of the lessor's gross investment in the lease, interest income and profit?
compute the ending inventories under the dollar value lifo method for 2011, 2012, 2013. the base period is January 1, 2011, and the beginning inventory cost at the date was $45,000. compute indexes to two decimal places.
What are several possible explanations for the markdown and slow sale of common waleth Edison's bonds?
Prepare the income statement and the statement of owner's equity for the calendar year 2009 and the classified balance sheet at Dec 31, 2009.
Explain some common internal controls that a company might have in place. What are they designed to protect? What are the reporting requirements regarding internal controls in the Sarbanes-Oxley Act?
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