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Trip Garage, Inc. (459 Ellis Avenue, Harrisburg, PA 17111), is an accrual basis taxpayer that repairs automobiles. In late December 2015, the company repaired Samuel Mosley's car and charged him $1,000. Samuel did not think the prob- lem had been fixed and refused to pay; thus, Trip refused to release the automobile. In early January 2016, Trip made a few adjustments and convinced Samuel that the automobile was working properly. At that time, Samuel agreed to pay only $900 because he did not have the use of the car for a week. Trip said "fine," accepted the $900, and released the automobile to Samuel. An IRS agent thinks Trip, as an accrual basis taxpayer, should report $1,000 of income in 2015, when the work was done, and then deduct a $100 loss in 2016. Prepare a memo to Susan Apple, the treasurer of Trip, with the recommended treatment for the disputed income.
seattle inc. is contemplating a project that costs 180000. expectations are that annual cash revenues will be 70000 and
1. which of the following statements is most correct? a. permanent current assets are those current assets that must be
Faye owns the land on which Golden Spurs Ranch is situated, plus the ranch house, barn, and other structures permanently attached to the land. Faye's brother Huey owns everything else in the ranch's operation--livestock, feed, and so on. The perso..
What has the higher present value?
Art is in the 28% marginal tax bracket for 2010. He owes a $10,000 bill for business expenses. Because he reports taxable income on a cash basis, he can deduct the $10,000 in either 2010 or 2011
schemm inc. regularly uses material f04e and currently has in stock 451 liters of the material for which it paid 2613
Annual common fixed expenses for the company totals $100,000. During the year Greenville Goober sold 35,000 units of Product A and 20,000 units of Product B.
At December 31,2010 the fair value of the Carlin, Inc. bonds was $318,000. What should Richman Co. report as other comprehensive income and as a separate component of stockholders' equity?
Suggest a methodology to supplement the traditional methods for evaluating the capital investments of Johnson Controls in the emerging markets to reduce risk providing a rationale of how risk will be reduced.
grunewald company manufacturers a professional grade vacuum cleaner and began operations in 2011. for 2011 grunewald
kathy company purchased and installed a machine on january 1 2006 at a total cost of 72000. straight-line depreciation
Mabel is a lawyer for a large law firm, Winken, Blinken, and Nod. Winken pays Mabel's annual license renewal fee of $400 and her $300 annual dues to the Ameri- can Lawyers' Association. Mabel also takes advantage of Winken's educational assistance..
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