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Problem - Communications Trip Garage, Inc. (459 Ellis Avenue, Harrisburg, PA 17111), is an accrual basis taxpayer that repairs automobiles. In late December 2019, the company repaired Samuel Mosley's car and charged him $1,000. Samuel did not think the problem had been fixed and refused to pay; thus, Trip refused to release the automobile. In early January 2020, Trip made a few adjustments and convinced Samuel that the automobile was working properly. At that time, Samuel agreed to pay only $900 because he did not have the use of the car for a week. Trip said "fine," accepted the $900, and released the automobile to Samuel. An IRS agent thinks Trip, as an accrual basis taxpayer, should report $1,000 of income in 2019, when the work was done, and then deduct a $100 loss in 2020. Prepare a memo to Susan Apple, the treasurer of Trip, with the recommended treatment for the disputed income.
ABC issued 1,000 shares of $10 par value common stock for $15,000. Prepare journal entry for this issue of stock
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gregs bicycle shop has the following transactions related to its top-selling mongoose mountain bike for the month of
The LMN Partnership has a group term life insurance plan
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35.50 per share is the current price for Foster Farms' stock. The dividend is projected to increase at a constant rate of 5.50% per year. The required rate of return on the stock, rs, is 9.00%. What is the stock's expected price 3 years from today..
Assuming AB qualifies as an S-corporation for 2015, how will AB, A and B report the income and loss items
a. What amount can Jackson claim as a tax deduction for salary and wage expense? b. How much can Jackson deduct as tax expense?
A business was purchased from an unrelated party for $250,000 at the beginning of 2015. What is the amount of the amortization deduction for 2015
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