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Ernest uses the cash method of accounting and lives in a state that imposes an income tax (including withholding from wages). On April 14, 2009, he files his state return for 2008, paying an additional $600 in state income taxes. During 2009, his withholdings for state income tax purposes amount to $3,700.
On April 12, 2009, he files his state return for 2008 claiming a refund of $900. Ernest receives the refund on August 3, 2009. If Ernest itemizes deductions, how much may he claim as a deduction for state income taxes on his Federal return for calendar year 2009 (filed in April, 2010)?
a. $3,400.
b. $3,700.
c. $3,900.
d. $4,300.
e. None of the above.
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During the year Daniel's share of partnership income was $8,500, while he received distributions from the partnership of $4,000. Daniel's partner return on equity is:
What is the expected postretirement benefit obligation at the end of 2011?
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When an income statement shows data for segments of the organization, and data for each segment are added together to get totals for the whole organization:
Kent Company had 800 units of product in its work in process inventory at the beginning of the period. During the period 3,000 additional units of product were started.
What is a point of sale system? Does a point of sale system increase or decrease the likelihood that cash will be stolen by employees? Explain.
P Corporation acquired 80% of S Corporation on January 1, 2011 for $240,000 cash when S's stockholders' equity consisted of $100,000 of Common Stock and $30,000 of Retained Earnings. The difference between the price paid by P and the underlying eq..
Innovation, Inc., a 501(C) (3) medical research organization, makes lobbying expenditures of $1.1 million. Innovation incurs exempt purpose expenditures of $15 million in carrying out its medical research mission.
Please indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal.
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