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Company Y began business in Feb 2012 ,by the end of the calendar year , it had biled it is clients for 3.5 million of services and had incurred $ 800,000 of operation expenses. As of december 31 ,it had collected $ 2.9 million of its billings and had paid $ 670,000 of its expenses . it expects to collect the remaining outstanding bills and pay the remaining expenses by March 2013 , Company Y adopted a caleander year for fedrel tax purpose .It may use either the cash method or the accrual method of accounting on its first tax return , and has asked you to quantify the value of using the cash method for the first year .In doing so ,assume company Y uses 7 % discount rate to compute NPV.
Prepare journal entries the June 30, 2015, interest payment by both Gless and Century assuming both use the straight-line method.
kansas enterprises purchased equipment for 79500 on january 1 2012. the equipment is expected to have a five-year life
Kevin is a candidate for an undergraduate degree at a local university. During 2010, he was granted a fellowship that provided the following: What amount can Kevin exclude from gross income in 2010?
knowshon sole owner of moreno inc. is contemplating electin s status for the corpoation. provide recommendations
At the time of his death on June 6, 2011 Keith was involved in the following real estate.
presented below are the financial balances for the atwood company and the franz company as of december 31 2009
On April 1, 2004, Norcross Corporation purchased a new machine for $550,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $25,000.
Company A hired Q to perform its year end audit. Subsequent to the compleation of field work, but prior to the issuance of the finicial statements, A discovers that one of its customers has filed for bankruptcy protection.
dills company purchased an 80 interest in the common stock of sarada company for 140000 on january 1 20x7. on this date
osawa inc. planned and actually produced 200000 units of product in 2012 its first year of operations. variable
Generally accepted accounting principles
chocolate factorys convertible debentures were issued at their 1000 par value in 2009. at any time prior to maturity on
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