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Problem 1
Joey parked his car on the top of a hill when he went to watch the Superbowl games in San Diego. He did not properly set his brakes or curb the wheels when he packed the car. When he returned from the games, he found his car had rolled down the hill, smashed into Nick's house, and injured Nick, who was watching TV in his den. Joey does not have car insurance. List as many tax research issues as you can to determine the tax consequences of this accident. Do not attempt to answer any of the questions you raise. Simply identify the research issues.
Problem 2
John and Marsha are married and field a joint return for the past year. During that year, Marsha was employed as an assistant cashier at a local bank and, as such, was able to embezzle $75,000, none of which was reported on their joint return. Before the defalcation was discovered, Marsha disappeared and has not been seen or heard from since. List as many tax research issues as you can to determine the tax consequences of this crime. (CPA adaptive).
Prepare journal entries (A,B,C) and show proper disclosure (C) to reflect the following treasury stock transactions showing how each is accounted for under the cost method. (show computation)
Blocker, Inc. had $10,000 of notes coming due on January 10, 2011- how much of the $10,000 note should be shown as current?
A friend has $950 that has been saved from her part-time job. She will need her money-Calculate the interest earned on the savings account for six months.
Discuss the proper accounting treatment of $273,000 ($714,000 − $441,000) by which the cost of the first machine exceeded the cost of subsequent machines.
Choose an article on Private Business Competition from a professional, economic, or management journal published in the last ten years such as The Freeman: Ideas On Liberty, The Economist, Forbes, The Cato Journal, Harvard Business Review, or Sloa..
No Doubt Company includes one coupon in each box of soap powder that it packs and 10 coupons are redeemable for a premium (a kitchen utensil).
Aspen Co. expects to maintain the same inventories at the end of 2008 as at the beginnign of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold. With this in mind, the various depart..
Dick’s Sporting Goods makes customized uniforms. The Great Northwest League has offered to buy 80 basketball jerseys for $16 per jersey-If Dick’s accepts the special order from The Great Northwest League, its operating profit will
What are the critical components of a business plan? Consider any changes which would be required if the plan were to be used in the foreign country.
On January 1, 2007, the stockholders of Phillips and Solina agreed to a consolidation. Because FASB requires that one party be recognized as the acquirer and the other as the acquirer-Prepare the journal entries on the books of Phillips to record t..
Create a cost-benefit analysis to evaluate the project
Perez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage value is received.
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