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Question: In 2016, Sawyer Corporation, a calendar year, accrual method C corporation had income per books before tax of $350,000. In computing income per books, Sawyer included in income $3,500 of municipal bond interest and $50,000 of life insurance proceeds received on the death of a key corporate officer. Excluded from book income was a $25,000 advance rent payment on one of Sawyer's vacant office spaces. The rent is for the first two months of the following year. In addition, Sawyer expensed $6,000 for meals and entertainment, $2,500 for premiums on life insurance policies on key corporate officers and $2,000 of federal income tax penalties. What is Sawyer Corporation's 2015 federal taxable income?
Taylor Corporation has used a periodic inventory system and the LIFO cost method since its inception in 2006.
smitty museum purchased the copyright to a piece of artwork for 922000. smitty plans to reproduce 1.8 million posters
Montana Company was started on January 1, 2013, when it acquired $50,000 cash from the owners. During 2013, the company earned cash revenues of $25,000 and incurred cash expenses of $16,200. The company also paid cash distributions of $5,000.
Dalton construction contracted to build a bridge for $5,000,000. Construction began in 2010 and was completed in 2011. Data relating to construction are:
The higher the interest rate the lower the present value of a future amount. Why?
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Computing cost of goods sold in a periodic inventory system X Wholesale Company began the year with merchandise inventory of $11,000.
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lyons company deducts depreciation expense of 150000 for tax purposes in 2010 but the expense is not yet recognized for
Why are paid-in-capital and retained earnings displayed separately in the stockholder's equity section of the balance sheet? Why would investors buy common stock when preferred stock is available?
Compute the breakeven point of sales in units and in dollars for the year described
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