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Martial aids Inc. reported the following results last year Gross income from sales $50,000 Salaries $20,000 Overhead $25,000 Capital Gains $200,000 NOL from Prev Yr $30,000 Dividends from U.S. Sources $40,000 Tax-exempt interest $35,000 Taxable interest $35,000 Income tax paid (incl $59,650 on capital gains) $62,050 If the corporation has only four individual shareholders, compute the following: a. Adjusted ordinary gross income b. Personal holding company income c. Undistributed personal holding company income d. Current dividend required to avoid personal holding company tax e. What impact would it have if taxable interest was only $12,000 and there was no NOL carryover?
Write down a one-half page memorandum (at least 2 paragraphs) to Terrio explaining why the $6,000 loss on sale of Blackhawk stock is
Marsha Moore gave property with an adjusted basis of $28,000 to Alfred when the fair market value of the property was $25,000-What is Alfred’s basis for gain? What is his basis for loss?
Could Monica have spent more time than she didvacationing on the trip without loss of existing tax benefits? Explain.
Plimpton Company produces counter top ovens. Plimpton uses a standard costing system. The standard costing system relies on direct labor hours to assign overhead costs to production.
Prepare journal entries to record the write-off of receivables, the collection of $1,200 for previously written off receivables, and the year-end adjusting entry for bad debt expense.
If the bonds bear interest at 12%, which is paid semiannually on January 1 and July 1, what is the total cost to be debited to the investment account?
One function of the AIS (accounting information system)is to provide adequate controls to ensure the safety of orgnizational assets, including data. Many people, however, often view control procedures as "red tape." Discuss how controls can improv..
The postcard will include information about the store's typical inventory, store hours, and directions. Which of the following format elements can make the biggest difference in the success or failure of the direct mailing?
Flying Penguins Corp. has total current assets of $11,845,175, current liabilities of $5,311,020, and a quick ratio of .89. What is its level of inventory?
What factors are likely to drive a firm's outlays for new capital (such as plant, property, and equipment) and for working capital (such as receivables and inventory)? What ratios would you use to help generate forecasts of these outlays?
Evaluate at least three significant differences and similarities between IFRS and GAAP and the impact these similarities and differences can have on financial statements.
Present a list of the three controlling accounts used in the general ledger to record the inventories and, in each case, indicate the related subsidiary ledger.
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