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Valentino is a patient in a nursing home for 45 days of 2016. While in the nursing home, he incurs total costs of $13, 500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his long-term care insurance policy, which pays while he is in the facility. Assume that the daily federal amount for Valentino is $310. Of the $15,000, what amount may Valentino exclude from his grass income?
Diane's Designs has two classes of stock authorized: 7%, $10 par preferred and $1 par value common. The following transactions affect stockholders' equity during 2015, its first year of operations:
On january 1,2017 the stockholders equity section of newline corporation shows common stock ($5 par value ) $1,500,000 paid in capital in excess of par $1,000,000 and retained earnings $1,200,000 During the year the following treasury stock transacti..
Disclosure of notes payable in financial statements - How much of the $1,000,000 notes payable could be classified as present in Reeds balance sheet at December, 2007?
A second hand bulldozer acquired at the beginning of the fiscal year at a cost of $68,000 has an estimated salvage value of $9,500 and an estimated useful life of 12 years. What is the amount of annual depreciation using straight line depreciation?
Which of the following statements about the FIFO inventory method is true? During a period of rising prices:
Robert is the partner-in-charge of the audit of Bonner Distributing Corporation, a wholesaler that owns one warehouse containing 80% of its inventory. What evidence should Robert find in the working papers to support the fact that the audit was adequ..
Calculate the subsequent: Current Assets, long term liabilities, contributed capital, total liabilities and stockholder's equity
compute the cash receipts and cash disbursements schedule.tilson company has projected sales and production in units
allocation of total costs using activity-based costing.lucy cook cpa j.d. provides accounting and tax and legal
Prepare common-sized financial statements for Leslie Fay for the period 1987-1991. For that same period, compute for Leslie Fay the ratios shown in Exhibit. Given these data, which financial statement items do you believe should have been of particul..
Loss on operations of the wholesale division (net of tax) 90,000. Dividends declared on common stock 250,000. Create a multiple-step income statement and a retained earnings statement
Kolby’s Korndogs is looking at a new sausage system with an installed cost of $765,000. This cost will be depreciated straight-line to zero over the project’s six-year life, at the end of which the sausage system can be scrapped for $100,000.
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