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Your school district grants teachers a sabbatical leave every 7 years. Yet, consistent with GAAP, it fails to accrue a liability for such leave over the period in which the leave is earned - not even in its government wide statements. How can you justify such accounting?
1) From an accounting rules perspective?
2) From a tax rate determination perspective?
question 1show the tests developed by court cases to differentiate between losses and outgoings on revenue account and
How would your answer to part a change if Randall orginally organized Silver Fox Corporation, capitalizing it with $250,000 of cash and assuming Silver Fox qualifies as a small business corporation?
What is the book value of the equipment and does the balance in the accumulated depreciation account mean that the equipment's loss of value is $725,000? Explain.
Compute the net earnings remaining after removing unusual write-offs and the extraordinary charge. Remove these items net of tax. Estimate the tax rate for unusual write-offs based on the taxes on operating income.
Their deal is that all profits and losses are allocated 10% to ABLE & 90% to CAPITAL until the partnership has earned a 10% cumulative annual return on original capital.
What is Terry's basis in her remaining common and preferred shares after the sale and when does her holding period for the preferred shares begin?
Rowdy Fun has total assets of $1,900,000 and total liabilities of $550,000 at the beginning of the year and total assets of $2,300,00 and total liabilities of $725,000 at the end of the year.
Consider the following statement: "A taxpayer should not have to report income when debt is forgiven because the taxpayer receives nothing." Do you agree or disagree? Explain
edwina worked at three jobs during 2011. she earned 30000 40000 and 9000 respectively form the jobs and had 10000 from
The Seneca Maintenance Company currently (that is, as of year 0) pays a common stock dividend of $1.50 per share. Dividends are expected to grow at a rate of 11 percent per year for the next 4 years and then to continue growing thereafter at a rat..
In general, how would a capital budgeting constraint on the available amount of investment influence these decisions?
Identify three areas to support the above statement and discuss how these areas would benefit a country in trade and commerce.
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