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For the current year, Maple Corporation, a C corporation, reports taxable income of $200,000 before paying salary to its sole shareholder, Diane. Diane's marginal tax rate on ordinary income is 35 percent and 15 percent on dividend income. If Maple pays Diane a salary of $150,000 but the IRS determines that Diane's salary in excess of $80,000 is unreasonable compensation, what is the amount of the overall tax (corporate level + shareholder level) on Maple's $200,000 presalary income? Assume Maple's tax rate is 35 percent and it distributes all after-tax earnings to Diane.
Robert deposits $150 monthly into a retirement account that has an APR of 5% with monthly compounding. What will this be worth in 40 years from today if it has $5,000 in it today?
Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
What are tax loopholes? How do loopholes arise? Do you think it is ethical to take advantage of tax loopholes? - Answer in 150-200 words.
Write a brief explanation about why the directors' duty to prevent insolvent trading exists and the circumstances and consequences of the 'veil of incorporation' being lifted for insolvent trading.
Record the journal entries for each year using the % of completion method. Show the partial accounts on the December 31 balance sheet for each year. Show the January 1 to Dec 31 Income statement for each year.
What characteristics will automatically exclude an item from being classified as inventory?
As a senior manager of your information technology group, discuss how you would demonstrate, by example, the importance of security and then propose a method for creating a "security aware" culture. Provide specific examples to support your respon..
What are the differences between regular and irregular items on income statement? What are the requirements for items to qualify as irregular?
Bobcat Company uses a job-order costing system. During April, the following costs appeared in the work in Process Inventory account: Beginning balance $24,000, Direct material used 70,000, direct labor incurred 60,000, applied overhead 48,000, cos..
Depreciation expense should be charged in the appropriate governmental funds, and reported in the governmental activities accounts.
Assuming that MARR is 10% and all maintenance costs and production savings are incurred at the end of the year, should the present lease be continued, or one of the two machines be purchased?
The governing body of the Order decided that it was no longer feasible to operate the convent, which had been built about sixty years ago, so it was advertised locally for sale.
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