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Maggie is a cash method taxpayer. In 2014, Maggie received salary of $88,000 and in mid-December, her employer announced that Maggie would receive an additional year-end bonus of $10,000 in cash and a new TV worth $2,000. Maggie did not receive her bonus check until January 2015 and the TV did not arrive until March 2015. Determine the amount Maggie should include in her gross income for 2014.
(Learning Objectives 1, 3: Explain how accrual accounting differs from cash-basis accounting; adjust the accounts) An accountant made the following adjustments at December 31, the end of the accounting period:
lessee company leases heavy equipment on january 1 2007 under a capital lease from lessor company with the following
Calculate the following ratios at December 31 2008 acid-test ratio and rate of return on total assets
What specific items does Intel discuss in its Note 2-Summary of Significant Accounting Policies and For what segments did Intel report segmented information? Which segment is the largest? Who is Intel's largest customer?
Prepare a tabular analysis of the transactions, using the following column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Owner's Capital, Owner's Drawings, Revenues, and Expenses.
Declared and paid $10,000 of dividends. In addition, the company sold additional common stock amounting to $14,000. As a result, the amount of its retained earnings at the end of the year would be.
What would the normal balance be of a liability account a post closing trial balance? A revenue account? Drawing? Explain.
What are some examples of Toll Brothers’ direct material costs? Would you expect the bill of materials for each of Toll Brothers’ homes to be the same or different? Why?
analyzing financial statement using ratio analysis.springfield bank is evaluating creek enterprises which has requested
Prepare the adjusting entry to record bad debts expense for year 2011 under the assumption that the Allowance for Doubtful Accounts
Prepare appropriate entries for both IGA and E Leasing from the inception of the lease through the second rental payment on April 1, 2011. Depreciation is recorded at the end of each fiscal year
Determine the companys Weighted Average Cost of Capital and determine the NPV of the project - indicate which depreciation method you have used, and explain why you chose this method.
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