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When a corporation distributes property to its shareholders, it:
A) may recognize either gain or loss.
B) may recognize gain, but never a loss.
C) may recognize a loss, but never a gain
D) never recognizes a gain or loss
In general interest income id fully taxable when received by taxpayer , however, the tax law provides an exclusion for interest earned on bonds issued by state and local government - municipal bond interest.
The general manager was confused because the company had a $9,000 profit, yet seemed, as noted above, $10,000 worse off in its cash position. Explain briefly how, in general, this difference between profit and cash change can happen.
Gert requires 60,000 machine hours and 20,000 direct labor hours, while Mill requires 40,000 machine hours and 30,000 direct labor hours. Using activity-based costing, machining costs assigned to each product is ??
Discuss the rationale for GASB requiring raw sets of financial statements, each with a different measurement focus and basis for accounting for government activities. Do you agree with this rationale or not? Explain why.
Carter Company orders 250 units at a time, and places 15 orders per year. Total ordering cost is $1,100 and total carrying cost is $1,100. Which of the following statements is true?
Joyce Rescho is self-employed and uses the calendar year and the accrual method of accounting. She reports the following activities for December:
Daniel purchased a bond on July 1, 2010, at par of $10,000 plus accrued interest of $400. On December 31, 2010, Daniel collected the $800 interest for the year. On January 1, 2011, Daniel sold the bond for $10,200.
Journalize May transactions. post entries to general ledger, Prepare trail balance ,Prepare income statement, owners' equity statement and balance sheet.
What is generalized audit software? What are the tasks for which an auditor would use it? What are the advantages and disadvantages of using generalized audit software?
Leslie died on October 31, 2011. Prior to 2009, Leslie had never made any gifts, but in 2010 she made some transfers. Specifically, on January 10, 2010, Leslie gave her vacation beach house to her five children as tenants in common.
Echeverria SA is an Argentinian manufacturing company whose total factory overhead costs fluctuate somewhat from year to year according to the number of machine-hours worked in its production facility.
Smithson corporation had a 1/1/08 balance in the allowance for doubtful accounts of $10000. During 2008, it wrote off $7200 of accounts receivable and collected $2100 on accounts previously written off.
Assuming linear relationships, how would the graphs for straight-line and sum-of-the-years'-digits depreciation, respectively, be drawn?
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