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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)?
a. $3,400.
b. $3,700.
c. $3,900.
d. $4,300.
e. None of the above.
A company requires $1,020,000 in sales to meet its net income target. Its contribution margin is 30%, and fixed costs are $180,000. What is the target net income?
The management of Malit Corporation is investigating an investment in equipment that would have a useful life of 9 years. The company uses a discount rate of 17% in its capital budgeting.
Prepare a schedule translating the trial balance from Norwegian kroner into U.S. dollars. Assume the kroner is the functional currency.
The Rushing Construction Company obtained a construction ontract to build a highway and bridge over the Snake River It was estimated at the biginning of the contract that it would take three years to complete the project at an expected cost of $50..
In the current year, Crow Corporation, a closely held C corporation that is not a personal service corporation, has $100,000 of passive losses, $80,000 of active business income, and $20,000 of portfolio income. How much of the passive loss may Cr..
Fabert Corp uses the weighted-average method in its process costing system. The Assembly Department started the month with 16,000 units in its beginning work in process inventory that were 40% completed with respect to conversion costs.
The Financial Accounting Standards Board has developed a conceptual framework for financial accounting and reporting. The FASB has issued seven Statements of Financial Accounting Concepts.
Determine the earnings per share of common stock, assuming that the income before bond interest and income tax is
An accountant for Jolley, Inc., a merchandising enterprise, has just finished posting all year-end adjusting entries to the ledger accounts and now wishes to close the appropriate account balances in preparation for the new period.
Wilson Co. has an agreement with the sales manager taht she is to recieve a bonus of 5% of net income after deduction of the bonus and income taxes. COmpany income before deduction of the bonus and income taxes is $250,000. Income taxes are 30% an..
Explain/discuss the value of the stage-gate process of new product development-What is a project charter and a contract book? Explain/discuss their purpose and how they are related to each other?
Alamo Inc. had $300 million in taxable income for the current year. Alamo also had a decrease in deferred tax assets of $30 million and an increase in deferred tax liabilities of $60 million.
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