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You are the 100% owner of X Corporation, which is incorporated in the state of Alpha and has its principal place of business there. Your company has 5 employees, including you, and does computer consulting services for small businesses. You do all of the marketing, while your 5 employees provide the technical resources to complete the consulting, which is all done in the state of Alpha. The marketing includes you visiting the neighboring states of Beta and Gamma, as well as within Alpha. You make day trips to those states, generally visiting a prospect and once a sale is made, your staff in Alpha does all the work. If any followup is necessary it is done on line or you go back to the state and meet with the customer to explain what needs to be done. Alpha, Beta, and Gamma all have state taxes based on income. Where does X Corporation have income tax nexus? Explain why or why not.
Explain how much gain or loss does each party recognize? What is the basis of the properties held by each at the end of the transaction? How much of each partys gain or loss is postponed (deferred)?
Compute the degree of operating leverage for each company and interpret your results. Assuming that sales revenue increases by 10%, prepare a variable costing income statement for each company.
Petty Cash: On October 1, 2011, Thomas Trams established a $100 petty cash fund. At the end of October the petty cash fund contained: Cash on hand $3.75 - Petty cash tickets for Entertainment $55.40 Postage 25.80 Miscellaneous items 18.30 Required: P..
If a preferred stock pays an annual $4.50 dividend, what should be the price of the stock if comparable yields are 10 percent? What would be the loss if yields rose to 12 percent?
How much depreciation could RLM record for the year ended December 31, 2011
What is the present value of $359,000 that is to be received at the end of twenty-three years if the discount rate is 11 percent? How would your answer change in (a) if the $359,000 is to be received at the end of twenty years?
accounts associated with costs of plants1. a plant asset with a five-year estimated useful life and no residual value
Corporate Social Responsibility is not a luxury anymore, it is a requirement of all firms no matter how big or small.
During the past year a company had total fixed cost of 70000 its product sold for 9 per unit variable costs during this time equaled 5 per unit next year the company is anticipating a 4 increase in total fixed costs and a 1 dollar per unit decrease i..
Journalize the adjusting entries needed on January 31, 2013 - Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments.
Analyze reporting requirements for private sector, not-for-profit organizations under Financial Accounting Standard Board guidance. Compare and contrast accounting practices between the two different assignments.
Randy and Sharon are married and have two dependent children. Their 2015 tax and other related information is as follows: Compute Randy and Sharon's adjusted gross income, taxable income and tax liability.
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