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Ernest uses the cash method of accounting and lives in a state that imposes an income tax (including withholding from wages). On April 14, 2009, he files his state return for 2008, paying an additional $600 in state income taxes. During 2009, his withholdings for state income tax purposes amount to $3,700.
On April 12, 2009, he files his state return for 2008 claiming a refund of $900. Ernest receives the refund on August 3, 2009. If Ernest itemizes deductions, how much may he claim as a deduction for state income taxes on his Federal return for calendar year 2009 (filed in April, 2010)?
e. None of the above.
On April 1, 2011, BigBen Company acquired 30% of the shares of LittleTick, Inc. BigBen paid $100,000 for the investment, which is $40,000 more than 30% of the book value of
In a certain city, there are 100,000 persons age 18 to 24. A simple random sample of 500 such persons is drawn, of whom 198 turn out to be currently enrolled in college. If
The Reedy Company uses a standard costing system. The following data are available for November: The actual direct labor rate for November is:
Prepare journal entries for each of the transactions through December 20.Prepare any adjusting entries required on December 31.Show how all of the liabilities arising from the
The company sells its products through its own stores and other outlets. Total fixed expenses are Br15,000,000 per month. Variable expenses and monthly sales data are given
Ivan Company has a goal of earning $70,000 after-tax income. Ivan would need to pay $20,000 of income taxes at the target level of income. The contribution margin ratio is 3
Should you over pay taxes throughout the year and get a refund, knowing the government does not pay interest on the overpayment? Use time value of money to explain.
A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on the total amount of the seller's (1)assets, (2)liabilities, and (3)stockho
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