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Loon corporation had the following transaction: $400,000 operating income, operating expenses, $25,000 municipal bond interest, $60,000 long term capital gain and $95,000 short term capital loss.
a) compute Loon's taxable income for the year?
b) Assume the same facts except that Loon's long term capital gain is $100,000 (instead of $60,000). Compute the taxable income for the year.
The company received a proposal from a foreign company to buy 6,000 units of Alder Company's product for $50 per unit. This is a one-time only order and acceptance of this proposal will not affect the company's regular sales.
Penny, Miesha, and Sabrina transfer property to Owl Corporation for 75% of its stock. Nancy, their attorney, receives 25% of the stock in Owl for legal services rendered in incorporating the business. What are the tax consequences of these transac..
Prepaid rent at 1/1/10 was $20,000. During 2010 rent payments of $123,000 were made and charged to "rent expense." The 2010 income statement shows as a general expense the item "rent expense" in the amount of $122,000.
1. A large inventory of automobiles at an auto manufacturing company ( what constitutes good evidence for net realizable value and classification). 2. Available for Sale Security Investment-( what constitutes net realizable value and classification)
How much are total manufacturing costs for the period?
How are the income statement and statement of cash flows used to make business decisions? What are the advantages and limitations of using them to make decisions affecting the future of a business?
Distinguish between nominal and effective interest rates. Explain the nature of the $100,000 difference between the face value and the market value of the bonds on January 1
Which of the following statements is true regarding inventory transfers between a parent and its subsidiary, using the initial value method?
Gridiron University is a private university. A successful alumnus has recently donated 1,000,000 to Girdion for the purpose of funding a "center for the study of sports ethics."
Effective capital budgeting for general capital assets of a government requires
What is the Sarbanes-Oxley Act? How does act affect the audits for the accounting firm and for the organization? Has the Sarbanes-Oxley Act improved the quality of the audit? Answer in 150-200 words.
Assume that the City of Amber maintains its books and records in a manner that facilitates the preparation of the fund financial statements. Amber City maintains a general fund, a capital projects fund, and a special revenue fund. During the curre..
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