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Mason, an accrual basis taxpayer, owns a six-unit apartment building for which he receives rent of $600 per month per unit. In 2009, five of the units were rented for the entire twelve-month period. The sixth unit was occupied from January 1st through March 31st. Upon vacating the unit, the tenant was not refunded his security deposit of $400 due to damages to the unit. The unit was subsequently rented for one year beginning August 1, 2009. On August 1st, the new tenant paid the first and last month's rent and a refundable security deposit of $400. What is Mason's total rental income for 2009?
a. $40,800
b. $41,200
c. $41,800
d. $42,200
The customer fails to pay the bill within 30 days and a finance charge is added to the customer's account. What is the amount of the finance charge?
From a review of the stockholders' equity section, as chief accountant, write a memo to the president of the company answering the following questions.
If a company follows a practice of isolating variances at the earliest point in time, what would be the appropriate time to isolate and recognize a direct material price variance?
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?
On January 1, 2011 Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $600,000 cash. At January 1 2011, Sedona's net assets had a total carrying amount of $420,000.
Which of the following results in a decrease in the investment account when applying the equity method?
Prepare journal entries to record the following transactions entered into by Harper Company:
What type of tax rate structure does the U.S. tax system apply? What are the individual tax forms, and what factors are used to determine which one to use? What is taxable income, and how is it determined?
Top Disc manufactures frisbees. The following information is available for 2013 , the company's first year in business when it produced 325,000 units. Revenue of $450,000 was generated by the sale of 180,000 frisbees.
Countess Aether, now a California resident, owns a 60% interest in the Gore General Partnership which only does business in California.
Several years ago Polar Inc. purchased an 80% interest in Icecap Co. The book values of Icecap's asset and liability accounts at that time were considered to be equal to their fair values. Polar paid an amount corresponding to the underlying book ..
Justify the time it takes to put together a budget for a human resource project. Support your justification by creating a hypothethical example of a human resource project. Relate specific elements of your example to support your justification.
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