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The auditors of Annaly mortgage discovered that alot of fictitious employees were on the payroll system and were being paid salaries. Neither the CFO nor the Payroll manager was aware of the fraud. What could be the possible reasons for the fictitious employees being added on the payroll system?
In 2010, Emily invests $100,000 in a limited partnership that is not a passive activity. During 2010, her share of the partnership loss is $70,000. In 2011, her share of the partnership loss is $50,000. How much can Emily deduct in 2010 and 2011?
What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why?
Although White fully expects to earn in excess of $100,000 in year 2 and year 3, the company believes it is more likely than not that it will incur a loss after year 3. The enacted tax rate is 25% in current and future periods. What will White rec..
What is bankruptcy? What is the difference between liquidation and reorganization? What is the main benefit of reorganization. What is a merger? How does a merger differ from other forms of acquisition.
Last year, Loon sold an appreciated asset for $600,000 (basis of $200,000). Payment for one half of the sale of the asset was made this year. How much of Wendy's distribution will be taxed as a dividend?
The actual cash received from cash sales was $11,279, and the amount indicated by the cash register total was $11,256.
Paul invest $10,000 cash in an equipment leasing activity for 15% ownership share in the business. The remaining 85% owner is Amanda. Amanda contributes $10,000 and personally borrows $75,000 that she also invests in the business. What are the at-..
Using the following information, prepare the bank reconciliation for Powers Company for May 31, 2013.
If the entity is an S corporation and the transaction qualifies under § 351, the S corporation's basis for the property and the shareholder's basis for the stock are:
Gridley issued a 20% stock dividend on May 1. On August 1, Gridley purchased 140,000 shares and immediately retired the stock. On November 1, 200,000 shares were sold for $25 per share. What is the weighted-average number of shares outstanding for..
A partnership will take a carryover basis in an asset it acquires when:
Prepare a trading statement showing gross profit for the year assuming a periodic inventory system is used.
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