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Rex, age 45, is an officer of Blue Company, which provides him with the following nondiscriminatory fringe benefits in 2011:
Hospitalization insurance premiums for Rex and his dependents. The cost of the coverage for Rex is $2,700 per year, and the additional cost for his dependants is $3,600 per year. The plan has a $2,000 deductible, but his employer contributed $1,500 to Rex' s HAS. Rex withdrew only $800 from the HAS, and the account earned $50 interest during the year.
Determine the amount Rex must include in gross income.
Also, owner withdrawals during 2009 totaled $48,000. Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of 2009 would be:
The note receivable dishonored in Eye Opener 14 is paid on July 30 by the maker, plus interest for 30 days, 10%. What entry should be made to record the receipt of the payment
Identify the key steps in the closing process that provide the most opportunity to make mistakes in processing account transactions. Make at least two (2) recommendations fo
Examine at least four accounting regulatory bodies. Discuss how an organization complies with the standards of the regulatory bodies you selected.
Explain lockout provisions and yield-maintenance agreements. Does the inclusion of one or both of these provisions affect the borrower's cost of debt financing? Explain.
Bullying is a situation where one person abuses power over another. Bullying is about power, control and abuse. Bully's come in all shapes, sizes and forms. Bullying occurs
purposes of the statement of cash flow, classify each of these transactions as an operating, investing, or financing activity. Additionally, indicate whether the activity is a
How much will a 10% increase in sales increase a firm's net operating income (NOI) and increase its net income (NI), if: its degree of operating leverage (DOL) = 2.0, and it
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