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1. Larry Bounds has won the gold bat award for hitting the longest home run in major league baseball this year. The bat is worth almost $35,000. Under what conditions can Larry exclude the award from his gross income? Explain.
2. Compare and contrast start-up costs and organizational expenditures. Describe how the tax treatment of these expenditures differs from the treatment for financial accounting purposes.
3. Congress has tried to subsidize the cost of higher education through the federal income tax system. Compare and contrast the operation of the deduction for qualified educational costs and the operation of the deduction for interest on qualified educational loans.
4. What is an ordinary and necessary business expenditure?
Larsen Company makes and sells a single product, widgets. Three pounds of clay are needed to make one widget-How much clay should be purchased in September?
Discovery Barn, a not-for-profit science center for children, received a contribution for $30,000 explicitly designated for the acquistion of computers. Prepare all required journal entries, being certain to indicate the type of fund in which each ..
Bob and Elizabeth, both 55 years old and married, sell their personal residence to Wolfgang in 2011. Wolfgang pays $660,000 and assumes their $90,000 mortgage. To make the sale they pay $20,000 in commissions and $10,000 in legal costs.
A chair manufacturer has two divisions: framing and upholstering. The framing costs are $100 per chair and the upholstering costs are $200 per chair. What is the minimum transfer price for this company?
What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries? What transactions might not require reversing entries?
I need to determine the best form of business entity for a business having the following characteristics and explain why choose that form of business:
The break even or cost volume profit (CVP) model is based on a number of assumptions. Discuss these assumptions and whether or not they are correct in the real world. Finally, discuss how CVP analysis can be useful in planning. Describe the advant..
Explain why the quantity purchased is used in computing the direct materials price variance, but the actual quantity consumed is used in computing the direct materials quantity variance.
Suppose that the terms of trade between a buyer and a seller are free on board (FOB) destination. What document provides evidence that a liability exists and might be unrecorded?
Compute the Company's EVA for 20X4 and 20X5. Compare the company's performance in creating value for its shareholders in 20X5 with that in 20X4.
What are the eight steps in the accounting cycle and how do they affect the financial statements? What happens if one is missing?
Echeverria SA is an Argentinian manufacturing company whose total factory overhead costs fluctuate somewhat from year to year according to the number of machine-hours worked in its production facility.
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