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zorn conducted his professional practice through zorn, inc. the corporation uses a fiscal year ending september 30 even though the business purpose test for a fiscal year cannot be satisfied. For the year ending September 30, 2013, the corporation paid Zorn a salary of $180,000 and during the period January through September 2013, the corporation paid him a salary of $150,000.a. how much salary should Zorn receive during the period October 1 through December 31, 2013?b. Assume that Zorn received only $24,000 salary during the period October 1 through December 31, 2013. What would be the consequences to Zorn, Inc.?Mauve Corporation began operations as a farm supplies business and used a fiscal year ending September 30. The company gradually went out of the farm supplies business and into the mail-order Christmas gifts business. The company has received permission from the IRS to change to a fiscal year ending January 31, effective for the year ending January 31, 2014. For the short period November 1, 2013, through January 31, 2014, Muave earned $20,000. Calculate Mauves tax liability for the short period November 1, 2013, through January 31, 2014
Format of the Balance Sheet It shows the financial position of the company as at the end of a given financial period. The standard requires that assets and liabilities should b
The cash flow as well as other benefits of factoring was discussed earlier. Invoice discounting as well offers cash flow advantages. Here selected invoices of superior quality are
sale of 430 to ramdas were credited in his account 340
Which of the following events would be recorded as an accounting event? Answer a. A guest purchases a meal in a food outlet.
On May 19, 2010, Kim placed in service a LIGHT VAN that cost $54,850. It is used 80% for business each year. What is the maximum cost recovery deduction available for the van in 20
SECRET TRUSTS The initial basis of the doctrine of secret trusts was the refusal of equity to permit a statute to be used as an engine of fraud (e.g. Bannister v Bannister). Cer
During 2012, Kimmel Co. incurred average accumulated expenditures of $600,000 during construction of assets that qualified for capitalization of interest. The only debt outstanding
Interest revenue: At the end of 2012, a manufacturer sells machinery to a customer for $90,000. $30,000 is paid immediately, and the customer signs a promissory note for the r
Star corporation issued both common and predered stock during 20X6. The stockholders' equity section of the company's balance sheets at the end of 20X6 and 20X5 follow: 20X6 20X5 P
Variation of securities It would seem logical to carry out a strict apportionment between income and capital every time investments are bought or sold. If this were done, it wo
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