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58 Nicole, a calendar year individual, owns 30%of Creole Cravings,inc,. a C corporation that was formed on February 1,2011. She receives a $5000 monthly salary from the corporation, and Creole cravings generates $200000 of taxable income (after accounting for payments to Nicole) for its tax year ending January 31,2012
a. How do these activities affect Nicole's 2011 adjusted gross income?
b. Assume, instead that Creole cravings is a partnership (January 31 year-end) and that it classifies Nicole's salary as a guaranteed payment. How do these activities affect Nicole's 2011 and 2012 adjusted gross income?
On September 11, the customer who had been billed on August 18 complained about being overcharged and was granted a credit of $350.
Weaver Company's predetermined overhead rate is $18.00 per direct labor-hourand its direct labor wage rate is $12.00 per hour.
Eastern Pacific Company sells a single product for $34 per unit. If variable expenses are 65% of sales and fixed expenses total $12,800, the break-even point in quantity and dollar($) will be:
LaGrange Corp. has forecasted that over the next four years the average annual after-tax income will be $45,731. The average book value of the manufacturing equipment that is used is $167,095. What is the accounting rate of return?
A certain airplane has two independent alternators to provide electrical power.The probability that a given alternator will fail on a 1-hour flight is .02. What is the probability that (a) both will fail? (b) Neither will fail? (c) One or the othe..
Is Granger Stokes using budgets as a planning and control tool?
Prepare an income statement for Wayside Inc. for the year ended December 31, 2010. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1.)
Distinguish between a debt security and an equity security.
Your client, a manufacturer of computer components has experienced slowing demand for its product. Recently, it cut back from three shifts a day to two shifts a day and the company has eliminated the backlog of orders that existed in prior years b..
Download the COSO ERM executive summary(free of charge). According to the first page of the summary, what does enterprise risk management encompass?
If all of the methods produce similar results, then decision makers can have more confidence in the estimated cost of equity. Why do you think this is a correct statement?
Cooper Co. issued 5,000 shares of its $5 par value common stock in exchange for a tract of land owned by Wallowitz Inc. Wallowitz had originally listed the land for sale at $165,000. The stock price on the exchange date was $30 per share. How much..
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