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The cash and securities comprising a sinking fund established to redeem bonds at maturity in 2015 should be classified on the balance sheet as:
a. fixed assets
b. current assets
c. intangible assets
d. investments
Rhianna and Jay are married filing jointly in 2009. They have six children for whom they may claim the child tax credit. Their AGI was $123,440. What amount of child tax credit may they claim on their 2009 tax return?
On September 1, Howe Office Supply had an inventory of 30 pocket calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred.
Which of the following should be reported as a change in accounting estimate?
Calculate the amount of net income reported on XYZ Company's 2011 income statement. Do not use decimals in your answer.
A new sales representative, Mark Yount, has just received this copy of the month-end fincnail reports. He is puzzled by the term "unearned revenue." He left the following email message for you on the company's bulletin board system: What is this?
Investment income and related expenses amt. to $7,000 and $500 respectively. What is Mike and Sally's interest deduction for the 2010 tax year?
Write a letter to David in which you advise him on the deductibility of the $60,000 loss for Federal income tax purposes. Because David is a professional, feel free to make use of technical language in your letter.
If a company assigns factory labor to production at a cost of $42,000 when standard cost is $40,000, it will:
Rhonda, a calendar year taxpayer, filed her 2010 return on November 4, 2012. She did not obtain an extension for filing her return, and the return reflects additional income tax due of $25,000.
On January 1 , 2011 , Paxton Company purchased a 70% interest in Sagon Company for $1,300,000, at which time Sagon Company had retained earnings of $500,000 and capital stock of $1,000,000.
Green Systems sold and delivered modems to the Blue Computers for $660,000 to be paid by Blue in 3 equal instalments over the next 3 months. The journal entry made by the Blue Computers to record the last of 3 instalment payments will include:
Compute the largest tax deduction possible in 2010 for the equipment (consider the Section 179 election, Bonus Depreciation, and MACRS):
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