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Question 1: What is the TAX INCOME for a partnership based off the below Book Income Statement.
The income statement (cash basis) per books for the first year of the partnership's operations is as follows:
Sales Revenue $291,000
COGS, Payroll and G&A Exp (130,400)
Depreciation Expense- Equip #1 (7,000) ($21,000 ÷ 3 yrs)
Depreciation Expense- Equip #2 (3,600) ($36,000 ÷ 5 yrs x ½ year)
Net Income per Books $ 150,000
Accounts Receivable of $15,000 was paid off during the year.
What is the amortization schedule that would be suitable for both the lessor and the lessee and that covers all the years involved?
Wrecker Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $2,900). The sales tax law requires Wrecker to collect 4% sales tax on every dollar of merchandise sold
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What controls must have been lacking at White Electric Supply to enable the bookkeeper to steal nearly $416,000 before being caught?
1. Distinguish between paid-in capital and retained earnings of a corporation. Why is such a distinction useful?
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