Journal entries to record expenditure and amortization

Assume that at January 1,2012 the carrying amount of the patent on Celine Dion's books s $43,200. In January, Celine Dion spends $24,000 successfully defending a patent suit. Celine Dion still feels the patent will be useful until the end of 2019...

  Increase in value of outstanding stock affect venus

Assuming Venus Corporation did not issue any more common stock in 2006, how does the increase in value of its outstanding stock affect Venus?

  Prepare a system flowchart in good form for lakers loot

  Affecting the taxable income of owners

Sara owns a sole proprietorship and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how these losses will affect the taxable income of the ..

  Explain what is meant by the test data approach

Explain what is meant by the test data approach. What are the major difficulties with using this approach? Define parallel simulation with audit software and provide an example of how it can be used to test a client's payroll system.

  Difference in asset basis problem

Analysis of the assets and liabilities of Marie Corp. on December 31, 2011, disclosed assets with a tax basis of $1,000,000 and a book basis of $1,300,000. There was no difference in the liability basis. The difference in asset basis arose from te..

  Evaluate how the status of the pension fund affects

Recent events in the world of corporate finance have shown the importance of proper administration and funding of corporate pension plans. Evaluate the information in the Comparative Analysis Case of Coca-Cola and PepsiCo found in the book's compa..

  Professional services and banking

A CPA firm was purchased by a public company. The acquirer performs other professional services and has banking, insurance, and brokerage subsidiaries.

  Tax basis or at-risk amount

During the year, ABC LP generated a ($90,000) loss. How much of Sue's loss is disallowed due to her tax basis or at-risk amount?

  Calculate the current price of bonds

Barry's Steroids Company has $1000 par value bonds outstanding at 12 percent interest .The bonds will mature in 50 years. Compute the current price of the bonds if the percent yield to maturity is:

  Imagine the government has released funds for creating

Imagine the government has released funds for creating small businesses. You are interested in establishing a small business, and you must decide on the form of business organization that would best suit your unique product or service and business..

  What are the required sales if montoya desires net income

Montoya manufacturing has fixed costs of $1,800,000 and variable costs are 40% of sales. What are the required sales if Montoya desires net income of $180,000?