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Ron and Tom are equal owners in Robin Corporation. On July 1, 2010, each loans the corporation $20,000 at annual interest of 10%. Ron and Tom are brothers. Both shareholders are on the cash method of accounting, while Robin Corporation is on the accrual method. All parties use the calendar year for tax purposes. On June 30, 2011, Robin repays the loans of $40,000 together with the specified interest of $4,000. How much of the interest can Robin Corporation deduct in 2010?
a) $0.
b) $1,000.
c) $2,000.
d) $4,000.
Now FASB required that all employee stock options should be expensed on income statement. On Jan. 2005, AA company granted total $100,000 (fair value) of stock options to the employee.
Intercompany transactions are very important in the consolidation process. Choose an intercompany transaction. Discuss the effects of intercompany transactions when consolidating financial statements. Your discussion should include the effects on ..
Briefly discuss how the reasonable compensation issue applies to S-corporations. Briefly explain the double taxation problem and how paying large salaries to owners avoids it.
During the year the partnership incurs a $120,000 loss. How much of the loss can Karen report on her tax return for the current year?
From this information, compute the equivalent units of production for direct materials and conversion costs for the month. Use the FIFO costing method.
Net income was $ 61,000 for the year. The accumulated depreciation balance increased by $14,000 over the year. There were no sales of fixed assets or changes in noncash current assets or liabilities. Under the indirect method, the cash flow from o..
A house worth $70,000 is purchased with a down payment of $20,000 and a mortgage amortized over 20 years. If the interest rate is 14% compounded semi- annually;
The relevant costs for the year are as follows: machinery for $10,000, $800 shipping, $50 for delivery insurance, $500 for installation, $750 for sales tax, $150 for annual tune up, and $200 of property taxes (an annual tax on business property). ..
For the Project, you will need to submit a written research paper which answers the following questions. This Project is due by Sunday, December 9, 2012. Please read the instructions below.
Prepare journal entries necessary for Crane during 2007 and 2008 to account for the transactions described above.
A company entered into the following material contracts at the beginning of the year: For each of the above contracts, prepare any necessary journal entries and notes to be included in the financial statements.
Meredith Corporation acquired 20% of the outstanding common stock of Cairo Corporation on December 31, 2010. The purchase price was $1,250,000 for 50,000 shares.
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