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The Higston Company has just purchased a piece of equipment at a cost of $500,000. This equipment will reduce operating costs by $100,000 each year for the next eight years. This equipment replaces old equipment that was sold for $10,000 cash. Ignoring income taxes, the new equipments has a pay-back period of:
A. 4.9 years.
B. 5 years.
C. 5.1 years.
D. 4.8 years.
Executive officers within an organization will often feel compelled and tempted to emphasize short-term results-net income for the current year-over long-term success and company survival.
Olga's sole proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the sole proprietorship on her individual income tax return (form 1040).
Cost and fair value data for the trading securities of Clifford Company at December 31, 2010, are $100,000 and $74,000, respectively. Which of the following correctly presents the adjusting journal entry to record the securities at fair value?
Pierson Corporation owned 10,000 shares of Hunter Corporation. These shares were purchased in 2007 for $90,000. On November 15, 2011, Pierson declared a property dividend of one share of Hunter for every 10 shares of Pierson held by a stockholder.
Assuming the U.S. tax rate is 35% and no valuation allowance is required, what is North's total income tax expense reported on its financial statements for 2010?
At the December 31, 2010 balance sheet date, Unruh Corporation reports an accrued receivable for financial reporting purposes but not for tax purposes. When this asset is recovered in 2011, a future taxable amount will occur and
Hamilton Company owns 51,000 of Hennie Company's 100,000 outstanding shares of common stock. Hennie Company pays $25,000 in total cash dividends to its shareholders. Hamilton's entry to record this transaction should include a:
Compute pension expense and prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2010.
Robb Corporation uses the allowance method of accounting for uncollectible accounts. During 2010, Robb had charged $80,000 to bad debt Expense, and wrote off accounts receivable of $90,000 as uncollectible.
Show the journal entries in 2006. (Please be reminded the year-end for ABC Corporate is Dec 31, adjusting is required)
What happens to the long-run demand curve for labour if the demand for the firm's output increases and what happens to the long-run demand curve for labour if the price of capital increases?
It is necessary for the auditor to understand the client's business. Why is that the case? How does classifying the client into a safe or risky client affect the audit?
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