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At December 31, 2010, Burr Corporation owes $500,000 on a note payable due February 15, 2011.
(a) If Burr refinances the obligation by issuing a long-term note on February 14 and using the proceeds to pay off the note due February 15, how much of the $500,000 should be reported as a current liability at December 31, 2010?
(b) If Burr pays off the note on February 15, 2011, and then borrows $1,000,000 on a long-term basis on March 1, how much of the $500,000 should be reported as a current liability at December 31, 2010, the end of the fiscal year?
a company was incorporated as a new business on january 1.the company is authorized to issue 20000shares of 5 par value
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In june 2009, joanne invested for a 20% interest in a limited liability company in which she is a material participant. The LLC reported losses of $340,000 in 2009 and $180,000 in 2010. Joanne's share of the LLC's losses was $68,000 in 2010 and $3..
Assume you have the power to make reforms to the way tax research and planning is currently conducted. Propose the reforms you would make. Justify your response.
1. once upon a time your mother told you to pay yourself first - and you always listened to your mother except for the
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