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A corporation's taxable income before the divdends received deduction (DRD) is $40,000. Included in this amount is dividend income of $60,000 from another corporation in which the taxpayer owns 90 percent of its stock outstanding. The corporation's taxable income (loss)after the DRD is?
Please discuss the value of the accounting cycle to the including:
Discuss the allowance method and the direct write-off method of accounting for bad debts. When is the expense for uncollected accounts receivable recognized under each method? Respond to at least two of your classmates' postings.
Historic cost should be replaced by an alternative measurement base in order to make financial statement more useful. Critically discuss this statement, concluding with whether or not you agree with it.
Sam pays $10,000 for the business's goodwill and another $10,000 for the seller's covenant not to compete for the next five years. Compute Sam's amortization deduction for the year of purchase.
What is the break-even point (BEP) and why is it important? What is the Contribution Margin (CM) and why is it important?
Compute 3M's average collection period for accounts receivable in days. (Round turnover ratio to 1 decimal place, e.g. 10.5 and collection period to 0 decimal places, e.g. 125.)
Determine the amount of interest expense the restaurant will report on the June pro forma income statement. What amount will his restaurants report as interest expense on the July proforma income statement?
Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations), Using the LIFO assumption, calculate the value of ending inventory for March
Define variable and fixed costs. Comment on how these costs are used to estimate future requirements. Discuss how contribution margin is used by managers for decision making.
What are some implications of currency depreciation, devaluation, and appreciation for the US Dollar compared to a foreign currency? How does a strong U.S. dollar affect the balance of trade for USA? Why?
Hunter's Paradise purchased $568,000 of equipment 4 years ago. The equipment is 7-year MACRS property. The firm is selling this equipment today for $199,500.
One idea that the consultant had was to reduce prices to bring in more customers. If average prices were reduced ten percent (10%), and the number of sales tickets (unit sales) increased to 7,500, would the company's income be increased? With prices ..
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