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Sparrow Corporation (a calendar year, accrual basis taxpayer) had the following transactions in 2015, its second year of operation. Taxable Income $330,000 Federal income tax liability paid 112,000 Tax-exempt interest income 5,000 Meals and entertainment expenses (total) 3,000 Premiums paid on key employee life insurance 3,500 Increase in cash surrender value attributable to life insurance premiums 700 Proceeds from key employee life insurance policy 130,000 Cash surrender value of life insurance policy at distribution 20,000 Excess of capital losses over capital gains 13,000 MACRS deduction 26,000 Straight-line depreciation using ADS lives 16,000 Section 179 expense elected during 2014 25,000 Dividends received from domestic corporations (less than 20% owned) 25,000 Sparrow uses the LIFO inventory method, and its LIFO recapture amount increased by $10,000 during 2015. In addition, Sparrow sold property on installment during 2014. The property was sold for $40,000 and had an adjusted basis at sale of $32,000. During 2015, Sparrow received a $15,000 payment on the installment sale. Finally, assume that no additional first-year depreciation was claimed. Compute Sparrow’s current E&P.
Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra revenues: compute net sales for the two months ended December 31, 2011.
How does a manager looking at a balanced scorecard know whether a particular score is good or bad? If a customer waits an average 30 seconds, is that good or bad? Is a net income of $10 million good or bad?
As of January 1, 2012, Sun Inc. purchased a boat at a cost of $600,000. When purchased, the company was using the double-declining depreciation method. At the beginning of 2015, the CFO decided to change to straight-line depreciation method. Compute ..
Kareem bought a rental house in March 2010 for $300,000, of which $50,000 is allocated to the land and $250,000 to the building. Early in 2012, he had a tennis court built in the backyard at a cost of $7,500. What is the adjusted basis of the rental ..
create a SOW that will lie at the heart of the RFP and that addresses the following facts:- The current facilities contain 15 desks (with associated chairs) that need to be moved to the new site.
Cato Corporation is owned by three engineers, all of whom are employed by the corporation. It primarily performs civil engineering activities with respect to construction projects. During the current year, Cato Corporation earned $150,000 of taxable ..
Mueller Company purchased equipment 8 years ago for $1,000,000. The equipment has been depreciated using the straight-line method with a 20-year useful life and 10% residual value. Determine if an impairment loss should be recognized
It is time for the annual budgeting process at your call center company. To kick-off the process, all the department managers and the plant accountant are meeting to discuss the budgeting process.
Mountain Mabel's is a small general store located just outside of Yellowstone National Park. The store uses a periodic inventory system. Every January 1, Mabel and her husband close the store and take a complete physical inventory while watching the ..
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dimitri company a manufacturer of small tools provided the following information from its accounting records for the
The following lots of a particular commodity were available for sale during the year: The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year acc..
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