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Harold Stevenson purchased substantially all of the business assets of the Troy Creamery on January 17. As part of the purchase price he paid $200,000 for the patent on an ice cream making process. Harold also pays $20,000 for the business's goodwill and another $20,000 for the seller's covenant not to compete for the next five years. Compute Harold's amortization deduction for the year of purchase.
Suppose a US corporation (tax rate 34%) with $2,500,000 of domestic income sets up a branch in Japan earning $800,000, where the tax rate is 50%. Also, assume I earned another $100,000 in interest revenue in a country with a 10% income tax rate.....
A non profit company sells a pair of shoe that has a cost of $2.00 for the price of $102.00. The gross profit is 100%. The tax libility is 37%. What is the formula to reduce the tax liability to 0%
Griggs Company holds $50,000 of 8% bonds as a held-to-maturity security. Which of the following is the correct journal entry to record the receipt of the semiannual interest payment.
Why does a company choose to form as a corporation? What are some of the advantages and disadvantages of the corporate form of doing business?
The Diamond Glitter Company is in the process of preparing its financial statements for 2012. Assume that no entries for depreciation have been recorded in 2012. The following information related to depreciation of fixed assets is provided to you.
Evaluate the factors that help to determine that market value of stock. Consider the factors that are most relevant to today's economy and list three (3) that impact the market value the most.
Prepare the necessary general journal entries for the month of October for Stringer Company for each situation given below.
Assume a healthcare company sold bonds that have a ten-year maturity, a 12% coupon rate with annual payments, and a $1,000 par value.
Describe the two major obligations incurred by a company when bonds are issued. Magda and Helga are discussing how the market price of a bond is determined.
On January 2, 2011, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2012.
For debt the weight is 0.44, after tax cost is 0.051, and the product is 0.02244. I do not understand how to calculate the after-tax costs. How is this done?
Mendenhall Corporation constructed a building at a cost of $10,000,000. Average accumulated expenditures were $4,000,000, actual interest was $800,000, and the usefull life is 40 years, depreciation expense for the first full year using the straig..
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