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Axes are a part of fiscal policy and very controversial. Some politicians want to raise taxes for incomes over $250,000, representing the 2% highest incomes, and would also include budget cuts of approximately $4 trillion over the next 10 years. Another proposal wants to lower the maximum tax rate from 35% to 25%, leaving tax rates the same for the other brackets, while also proposing a reduction of total spending by $6 trillion over a 10-year period. Another proposal has advocated a simplification of taxes by eliminating all corporate and individual deductions and estimating this would reduce the deficit by $3 trillion over the next 10 years, plus there would also be reductions in spending equal to another $3 trillion.
What are your thoughts on the three proposals outlined above, and please feel free to suggest anything that you feel should also be considered in reducing the deficit.
Prepare journal entries to record the accounting for both the normal and abnormal rework. What were the total rework costs of XD1 chips in August 2011?
Speculating with Currency Futures: Suppose that a March futures contract on Mexican Peso was available in January for $.09 per unit. Also suppose that forward contracts were available for same settlement date at a price of $0.092 per peso.
Describe two business sectors you might want to work in if you were an accountant and explain why in 150 to 200 words.
Sally incurred a 90-mile round-trip commute every day, mainly because she could not get along with her supervisor at the sales office located four miles from her home. Sally works under a one-year contract
Janie graduates from high school in 2012 and enrolls in college in the fall. her parents pay $4,000 for her tutiion and fees and assuming janie's parents have agi of 170,000, what is the american opportunity credit they can claim for janie?
Jarrett owns a mountain chalet that he purchased in 1999 for $175,000. This year, the home appraised at $300,000. Shortly after the appraisal, a blizzard hit the area in spring of the current year
Provide all required journal entries for fund and government-wide financial statements. What information do the government-wide financial statements present? What information do the fund out financial statements present?
Prepare the journal entry to record Autumn Company's issuance of 63,000 share of no-par value common stock assuming the shares;
Mahtomedi Corporation is considering investing in specialized equipment costing $240,000. The equipment has a useful life of five years and a residual value of $20,000. Depreciation is calculated using the straight line method. The expected net ca..
Determine for each plan the earnings per share of common stock, assuming that the income before bond interest and income tax is $2,600,000. Discuss the advantages and disadvantages of each plan.
Nellie is evaluating a potential bond purchase that the seller purchased 12 years ago for $4,000. The bond matures 8 years from today.
On January 1, Year 1, Jayco purchased a machine for $6,000. It had an estimated salvage value of $1,200 and a life of six years. The straight-line method of depreciation was used. At, midyear in Year 4, Jayco sold the machine for $4,500 cash.
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