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1. Chris’ expected pre-tax bonus is $20,000. Chris earns a base salary of $30,000. Chris files as a single taxpayer with no itemized deductions. (Use the 2014 standard deduction and one personal exemption to figure his taxable income and the 2014 single tax rate schedule to figure his tax.) What is Chris’s expected ATCF from the bonus?
2. Dave asks your advice about whether to continue a mail-order part of his business. Mail-order transactions generate extra cash sales of $60,000. These transactions require deductible cash expenses of $30,000, non-deductible cash expenses of $9,000, and deductible non-cash expenses of $12,000. What is Dave's after-tax cash flow from these operations if his marginal tax rate is 30%?
It only used $200,000 of the cash and the remaining cash and P stock are distributed to T’s shareholder, who has a basis of $15 million in her stock. What is gain recognized on this reorganization?"
Emerson and Dakota had $25,000 and $140,000 respectively in their January 1 capital balances. Net income for the year was $220,000. How much net income should be distributed to Emerson?
How would your answer modify if Engco sold its goods with title passing at the customer's location?
Why is Bike Company likely to prefer this method for tax purpose and usefulness of the installment method for a credit analyst in using both the balance sheet and income statement.
Instead od acquiring the plant for $31,864, assume that Cherry Ltd manufactured the plant at a cost of $29,500 before entering into the lease agreement with Hazel Ltd. Prepare a schedule of lease receipts for Cherry Ltd and the journal entries for..
Prepare a memorandum setting out, with full supporting reasons and reference to relevant provisions of the Income Tax Act, the potential taxation consequences arising from the proposed transaction from the perspectives of both ART (Pty) Ltd and RK..
A used car dealer offers the following automobile finance opportunity. Monthly payments on the loan are 3% of the loan amount for 36 months. The loan amount is after any down payment. In addition the loan will require a $1,500 up front loan proces..
John has a 20% stake in the Partnership and receives no distributions from the partnership during the year. He has a $55,000 basis in her partnership interest at the end of the year after all income/loss items have been passed through to her. W..
What are the equivalent units for conversion and material using the weighted average technique?
the market price of a share of common stock at time of issuance was 19.50 while market price of a preferred share of
Identify and describe the five environmental differences between governments and for-profit business enterprises as identified in the Governmental Accounting Standards Boards “Why Governmental Accounting and Financial Reporting Is—and Should Be—Diffe..
Evaluate Swobodaville's financial condition based on the partial list of factors given. That is, consider any observable trends in the data and what they could potentially mean. To compare the data, in some cases it is best to convert dollar figur..
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