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Question 1
If a taxpayer can deduct expenses to the extent of gross income for a hobby, is there really no taxable income? And what would be the benefit, to the taxpayer, of having it considered a for profit activity by the IRS?
Upon inquiry by the IRS, a taxpayer was unable to show that his activity had a profit in three of the past five years. Therefore, the IRS deemed the activity to be a hobby. The taxpayer believes the activity to be profit motivated. How would the taxpayer prove that the activity is profit motivated? Discuss ideas that might convince the IRS that the activity is profit motivated. What other options does the taxpayer have?
Question 2
Inventory valuation is seen by many companies as an important factor in their success. What do you feel are types of decisions a company must make when choosing an inventory valuation method? What is the relationship of this decision to the cost of goods sold for the company? Explain your reasoning.
Question 3
Discuss some of the pros and cons of using debt as a long-term source of capital funding for a company. Why does using an appropriate amount of debt increase the value of the firm?
a company had stock outstanding as follows during each of its first three years of operations 2000 shares of 10 100 par
CalCount pays a weekly payroll of $85,000 that includes federal taxes withheld of $12,700, FICA taxes withheld of $7,890, and 401(k) withholdings of $9,000. What is the effect of assets and liabilities from this transaction?
The marketing manager argues that a $8,700 increase in the monthly advertising budget would increase monthly sales by $18,500. Calculate the increase or decrease in net operating income.
When an investment is acquired to be held for an unspecified period of time as opposed to being held to maturity, it is reported at the fair value of the investment securities on the reporting date. Why?
Marshall Networks, Inc. has a total asset turnover of 2.5% and a net profit margin of 3.5%. The firm has a return on equity of 17.5%. Calculate Marshall's debt ratio.
Review and discuss what the general rules are for agricultural activity using US GAAP and IFRS and determine the inventory valuation for TFI on June 30 using both US GAAP and IFRS.
Evanston?s accountant insists that he keep a detailed record of money and merchandise that he takes out of the business for his personal use. Why?
Also during 2006 regional sells all the inventory pruchased in 2005 and 2006 to unrelated entities. What is the adjustment to cost of goods sold in the 2006 worksheet elimination?
aaron and kim form a partnership by combining the assets of their separate businesses. aaron contributes accounts
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the accounting records of bronco company revealed the following informationraw materials used 78000direct
Prepare the business Income Statement for the period, prepare the Statement of Changes in Equity for the period and prepare the classified Balance Sheet at the end of the period.
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