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Excludable Gifts. Which of the following would be includible in gross income? a. Alice appeared on a TV quiz show and received a prize of $5,000. b. Bart received $500 from his employer because he developed an idea that reduced the employer's production costs. c. Chuck borrowed $500 from his mother in order to finance his last year in college. Upon his graduation, Chuck's mother told him he did not have to repay the $500. She intended the $500 to be a graduation present.
snake creek company has a trusted employee who as the owner said handles all of the book keeping and paper work for the
Mary is an employee of Robert's CPA business who has earned a $50,000 bonus. GR Systems pays Mary $50,000 and also issues Mary Form 1099-Misc. How much gross income is reported by Robert? By Mary?
management of modugno corporation is considering whether to purchase a new model 370 machine costing 443000 or a new
suppose that your companys sales staff provides information on expected sales and selling prices for items making up
During the year, total liabilities increased $100,000 and owner's equity decreased $70,000 What is the amount of total assets at the end of the year?
1.checking account balance 936120 certificate of deposit 1427800 cash advance to subsidiary of 987220 utility deposit
q. ron carroll operates a small company that books entertainers for theaters parties conventions and so forth.the
last year flynn company reported a profit of 66000 when sales totaled 516000 and the contribution margin ratio was 40.
birchcompany manufactures a part for its production cycle. thecosts per unit for 5000 units of this part are
What is the difference between a qualified employee discount and a bargain purchase by an employee?
the production department of priston company has submitted the following forecast of units to be produced by quarter
Winkler Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments.
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