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As part of a Careers in Accounting program sponsored by accounting organizations and supported by your company, you will be taking a group of high-school students through the accounting department in your company. You will also provide them with various materials to explain the work of an accountant. One of the materials you will provide is the Stockholders Equity section of a recent balance sheet.
Required: Prepare a short response explaining each major section: Common Stock, Additional Paid-in Capital, and Retained Earnings. You should try to be brief but clear. Remember to include a description of treasury stock as well.
George purchases used office furniture (seven-year class property) at a cost of $50,000 on April 20, 2009. Determine George's cost recovery deduction for 2009 for alternative minimum tax purposes, assuming George does not elect § 179 and the maxim..
what was the character of that gain and what is the corporation's basis in the equipment.
Dave, who is in poor health, already owns about $3 million of property. What tax issues should Dave James consider with respect to the property bequested to him by his wife?
what happens when a shareholder in a subchapter S corporation has losses and deductions allocated to him in excess of his basis in his corporate shares?
What are the two basic methods of accounting that may be used by taxpayers? How do the two basic methods differ?
Collegiate Tuxedo rents apparel throughout the year. They have experienced non-payment by about 15% of their customers with an average loss of $200. Collegiate wants to stem their losses by using an instant electronic credit check on the customer.
In the current year, Company C lost $100,000. How should the parties report the above arrangements in its consolidated financial statements?
Discuss the pros and cons related to research and development costs under IFRS and GAAP. With which approach do you agree? Why?
Does the president's request pose an ethical dilemma for the controller?
Discuss the key criteria for the operation of an effective corporate whistleblower hotline. Be sure to highlight potential pitfalls that should be avoided and reference professional codes, legislation and academic literature as appropriate.
What gain or loss is recognized by the corporation when it issues its shares to John? What is the basis to the corporation of the property it received from John?
The typical skier makes two ski runs per day (uses the lift twice). Ski resorts operate their lifts 8 hours per day, 120 days per year. Gold Mountain plans to sell one-day lift tickets for $60 per skier per day; no season passes will be offered.
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