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Lipkus Company has recorded the following items in its financial records.Cash in bank $47,000Cash in plant expansion fund 100,000Cash on hand 12,000Highly liquid investments 34,000Petty cash 500Receivables from customers 89,000Stock investments 61,000
The cash in bank is subject to a compensating balance of $5,000. The highly liquid investments had maturities of 3 months or less when they were purchased. The stock investments will be sold in the next 6 to 12 months. The plant expansion project will begin in 3 years.
You wish to purchase a 20-year, $1,000 face balue bond that makes semiannual interest payments of $40. If you require a 10% nominal yield to maturity, what price should you be willing to pay for the bond?
Determine the cost recovery deduction for 2012 for these assets.
Insurance Company begins processing casualty claims
What circumstances allowed the alleged frauds happen (e.g., internal control failures, lack of background checks, missing policies and procedures) - be specific?
ABC Company owns 40 percent of JMT Company and 95 percent of DEM Company. JMT pays a $100,000 dividend to ABC and DEM pays a $40,000 dividend to ABC in 2013. Assuming that ABC has $1,000,000 of taxable income, calculate ABC's dividends receive..
kelsey who is a head of household with one dependent had agi of 315000 for 2011. she incurred the following expenses
Swan Inc is an accural basis taxpayer. Swan uses the aging approach to calculate the reserve for bad debts. During 2010, the following occur associated with bad debts: What is the amount for bad debt expense?
snow cleaners inc had net income of 494592 for its fiscal year ended november 30 2012. during the year the company had
the following production data were taken from the records of the finishing department for june inventory in process 6-1
It is sometimes said that in debt service funds, the accounting for interest revenue is inconsistent with that for interest expenditure. Explain. What is the rationale for this seeming inconsistency?
What is the book value at the end of years one and two using the 150%declining balance method?
What are the two methods of accounting for treasury stock? Prepare the journal entry to record the purchase of treasury stock by the cost method.
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