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Robert and Mary file a joint tax return for 2008, with adjusted gross income of $33,000. Robert and Mary earned income of $20,000 and $12,000 respectively, during 2008. In order for Mary to be gainfully employed, they pay the following child care expenses for their 4-year-old son, John:
Union Day Care Center $1,500
Wilma, baby sitter (Robert's mother) 1,000
What is the amount of the child and dependent care credit they should report on their tax return for 2008?
a. $390
b. $260
c. $650
d. $625
e. None of the above
Which of the following is not a difference between financial accounting and managerial accounting?
The director of capital budgeting for Big Sky Health Systems, Inc., has estimated the following cash flows in thousands of dollars for a proposed new service.
Circle Corporation makes a product that sells for $400 per unit. The variable costs to make this product are $220 per unit. Fixed costs total $750,000 for the year. Circle currently sells 5,000 units each year.
Wilton held land with a book value of $50,000 and fair value of $600,000. Using the parent company theory, at what amount would land be reported in a consolidated balance sheet prepared immediately after the combination?
The Grant Company has sales of sales of $300,000, and the break-even point in sales dollars if $210,000. Determine the company's margin of safety percentage.
Jenny received nontaxable stock rights on June 9, 2009. She allocated $3,800 of the $20,000 basis for the associated stock to the stock rights. The stock rights are exercised on October 12, 2009. The exercise price for the stock is $11,000. What i..
Leigh, who owns a 50% interest in a sporting goods store, was a material participant in the activity for the last fifteen years. She retired from the sporting goods store at the end of last year and will not participate in the activity in the futu..
What type of reorganization has taken place? Describe the tax consequences to Mound Corporation, its former shareholders, and Mountain Corporation.
The direct method might be easier to understand but it is also more expensive and more time consuming for the company why is that? and Whats the best method to use for businesses?
Fabrice Corp. requires a minimum $6,200 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly).
If a calculator will sell for $42 each, the Variable Costs to produce it are $24 per unit, and the Fixed Costs per month are $39,600, then how many calculators must be sold per month to Break Even?
Stahl Consulting started the year with total assets of $20,000 and total liabilities of $5,000. During the year, the business recorded $16,000 in catering revenues and $8,000 in expenses.
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