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Signal Florists (SF) operates a retail flower shop. Their sales for October total $5,000. They have projected revenue for the next three months as follows:
November $12,000December 23,000January 8,000February 10,000
10% of their customers pay in the month of purchase, and the remaining 90% pay in the month following purchase.
Prepare a cash inflow budget for December, January, and February.
What are the tax consequences to Oriole Corporation on the distribution of the land? If the land is, instead, subject to liability of $700,000, what are the tax consequences to Oriole on the distribution?
Cheap Toys sells merchandise to the general public for cash or credit. It accepts several major credit cards. The company pays an average fee of 4% of sales to the credit card companies and 6% to the State of Florida in sales taxes.
On June 30, 2009, half the bonds were converted when Blair's common stock had a market price of $30 per share. What journal entry should Blair make record when recording the conversion?
What adjustments should be made to net present value to account for inflation?
What is the book value of its liability? If an affiliated company purchases half the bonds in the market at 98, what is the gain or loss? Is the gain or loss actual or constructive?
Given the inherit audit risks related to inventory valuation, design an effective auditing plan for this area that minimizes risk exposure for the auditing firm.
The Eastern Division sells goods internally to the western division of the same company. The quoted external price in industry publications from a supplier near Eastern is $200 per ton plus transportation.
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?
Brittle Corp. obtained the following information from the Raw Materials Inventory account and purchasing records for the third quarter of the current year.
Prior to a charitable gift to the Plato University of land with a basis of $6,000 and a value of $13,000, All-Set, Inc. had taxable income of $50,000. If the dividends-received deduction was $80,000, the charitable contribution deduction is:
At the time Fisher Corporation became a subsidiary of Ashbury Corporation, Fisher switched depreciation of its plant assets from the straight-line method to the sum-of-the-years'-digits method used by Ashbury.
John's basis in his stock is $25,000. What gain or loss will John and Bass Corporation recognize on the distribution of the land?
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