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A customer charges a treadmill at Mike's Sport Shop. The price is $2,000 and the financing charge is 9% per annum if the bill is not paid in 30 days. 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?
The corporation elected S corporation status at the starting of 2011. On February 13, 2012, the property was sold for $40,000, payable in 4 yearly instalments of $10,000 plus interest. What is the amount of ordinary income to be reported from the s..
What is the major source of the change in net assets that occurred in 2007 from the change that occurred in 2008? In your opinion, is this trend likely to continue? Why/why not?
The lower-of-cost-or-market concept is used in the valuation of inventory. Describe this concept. How does this concept affect your company's profitability, or the profitability of a company with which you are familiar?
Determine which of the following is not one of the four conditions that normally must be met for revenue to be recognized according to the revenue principle for accrual basis accounting
After selling the stocks from the portfolio, what would be the total beta of the remaining stocks in your portfolio? What would be the beta of your portfolio if you purchase the new stocks and put it in your portfolio?
Bailey,Inc.,buys 60 percent of the outstanding stock of Luebs,Inc.,in an acquisition that resulted in the recognition of goodwill. Luebs owns a piece of land that cost $200,000 but was worth $500,00 at the acquisition date. What value should be at..
The second was furniture with an original basis of $24,000 placed in service during the first quarter, currently in the fourth year of depreciation, and under the mid-quarter convention. What is Bonnie Jo's depreciation expense for the current yea..
What are the pros and cons of this tax credit? Why is this issue of any interest to the NAHB?
Laquesha Enterprises. sells its only product for $9 per unit, variable production costs are $3 per unit, and selling and administrative costs are $1.50 per unit. Fixed costs for 10,000 units are $5,000. Calculate the contribution margin per unit a..
If a division is reporting losses, does that necessarily mean that it must be closed? Was the reallocation of the fixed costs across divisions unethical?
Frantic Fast food had earnings after taxes of $390,000 in the year 2009 with 300,000 shares outstanding. On January 1, 2010, the firm issued 25,000 new shares. Because of the proceeds from these new shares and other operating improvements, earning..
Investment income and related expenses amt. to $7,000 and $500 respectively. What is Mike and Sally's interest deduction for the 2010 tax year?
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