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What is the definition of being self-employed? What distinguishes a self-employed individual from an employee? Why is this distinction important? Explain.
Suppose you live 60 miles from your old place of business, but you have changed jobs with a new job site 100 miles away from your old residence. You buy a new home one-mile from your new business. Are you qualified for a moving expense deduction? Explain the requirements for moving expense deductions.
How is the write-off of a bad debt handled on the tax return? How does the debtor have to handle the forgiveness of the debt? Why?
How is basis determined? What events can adjust basis up or down? How does tax basis differ from GAAP accounting basis?
Are you qualified to claim a home office deduction if you have another full-time office? Explain.
What is the difference between a tax credit and a tax deduction? Which is preferable? What is the difference between a refundable and non-refundable tax credit?
What are some year-end tax planning strategies you (personally) can employ to minimize your next year's tax liability?
Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 200 units that cost $65 each. During the month, the company made two purchases: 300 units at $68 each and 150 units at $70 each. Chess Top al..
Moran corporation has these accounts at December 31:common stock,$12 par, 5150 shares issued,$61,800;paid in,capital in excess of par value $20,100, retained earning $42,360, and treasury stock-common, 510 share,$12,240. Prepare the stock holders ..
Host Corporation is authorized to issue 800,000 shares of $7 par value common stock. During 2010, its first year of operation, the company has the following stock transactions.
The adjusted trial balance columns of the worksheet for Porter Company are as follows-complete the worksheet by extending the balances to the financial statement columns and prepare an income statement?
Ludwig, Inc., which owes Giffin Co. $2,400,000 in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to accept from Ludwig land having a fair value of $1,830,000 and a recorded cost of $1,350,000.
Garcia Company began 2010 with net assets of $80,000. Net income calculated by using the capital maintenance concept was $21,000. During 2010 owners contributed $26,000 of new capital. By year-end, the net assets totaled $78,000. Dividends to the own..
What are the relative advantages of partnership versus limited partnership as a form of doing business? What legal principles are most likely to bite partnerships?
Determine how the company Coca cola could best allocate costs to divisions, plants, departments, contracts, and / or products. Explain your rationale.
Calculate the annual depreciation expense for each year of the machine's life (estimated at 5 years or 20,000 hours, with a salvage value of $75,000). During the machine's 5-year life its hourly usage was: 3,000; 4,000; 5,000; 5,000; and 3,000 hou..
Questions based on partnership. a)Write definition of partnership? b) Name and discuss the characteristics of a partnership c) Advantages of a partnership as a form of business
How do companies assure compliance with regulations? How does your company comply? Any thoughts on how to streamline the regulatory process over accounting and finance?
ABC company pays a sales commission of 5% on each unit sold. If a graph is prepared with the vertical axis representing per-unit cost and the horizontal axis represented units sold how would a line that depicts sales commission be drawn?
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