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Susan Sweets is a 40 percent shareholder in Acclaim Inc., a theatrical supplies company. She transfers a fully depreciated car with a value of $2,000 to the corporation, but does not receive any consideration for it.
a. What are the tax consequences to Susan?
b. What are the tax consequences to the corporation?
c. What, if any, changes if Susan received another 10 percent stock interest for the car?
Suppose the National Bank of Commerce has excess reserves of $12,000 and outstanding checkable deposits of $150,000. If the reserve ratio is 20 percent, what is the size of the bank's actual reserves?
Shifting the focus slightly, think about this. How would you allocate the cost of a dinner among a group of your friends when you go out for an evening?
What is the distinction between expenditures and expenses as the terms are used in governmental accounting?
If treasury bills are currently paying 7 percent and the inflation rate is 3.8 percent, what is the approximate real rate of interest? The exact real rate?
The cash budget is especially important to a firm when: a. there is not a lot of confidence in the sales forecast. b. it has a relatively large amount of operating cash.
Provide justification as to how far is this statement correct. Also state the needs for regulation in accounting and why free market for accounting information is not good.
Fixed manufacturing overhead costs released from inventory under absorption costing amounted to $32,900. What was the absorption costing net operating income last year?
What is the difference between a static planning budget versus a flexible budget? What are some of the possibilities that actual results may differ from what has been budgeted at the beginning of a period?
Mary, a U.S. citizen owned 25% of the stock of Floran Corporation, an electing S corporation. At the time of her death, the Floran stock may go to all the following without affecting the S election except
TMI is a calendar year personal service corporation which reports income on a calendar year end basis. TML is also a personal holding company. TML had $125,000 of taxable income during the year. It is now December 31st.
Banks are not the only financial intermediary from which corporations can obtain financing. What are the other intermediaries? How much financing do they supply, relative to banks, in the United Kingdom, Germany, and Japan?
What should be the amount of the unamortized bond discount on April 1, 2011 relating to the bonds converted?
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