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In April 2011, Dan is audited by the IRS for the year 2009. During the course of the audit, the agent discovers that Dan's deductions for business travel and entertainment are unsubstantiated, and a $6,000 deficiency assessment is proposed for the tax year 2009. The agent also examined some prior-year returns. The agent discovers that Dan failed to report $40,000 of gross business income on his 2007 return. Gross income of $60,000 was reported in 2007. The agent also discovers that Dan failed to file a tax return in 2002. Will the statute of limitations prevent the IRS from issuing a deficiency assessment for 2009, 2007, or 2002? Explain.
Battle Tank, Inc. had net sales in 2004 of $1,200,000. At December 31, 2004, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,100 credit.
Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2012, it assigned, under guarantee, specific accounts amounting to $150,000.
Provide the journal entry to record the conversion of the bonds assuming Picard considers the conversion
The standard labor time for the Cutting and Sewing departments is 0.20 hour and 0.30 hour per unit, respectively.What is the total direct labor variance for (1) the cutting department?
In addition, Anheuser-Busch sold 136 million barrels of beer during the year. Assume that variable costs were 70% of the cost of goods sold and 45% of marketing and distribution expenses.
Freedom Corporation reports the following amounts: Assets = $12,000; Liabilities = $2,000; Stockholders' equity = $10,000; Dividends = $2,000; Revenues = $15,000; and Expenses = $11,000. What amount is reported for net income?
What is the age limitation for a student and a non student? What is the income limitation for a dependent? Who is a qualified child?
You are assigned the duty of ensuring the availability of 100,000 yen for the payment that is scheduled for next month. Considering that your company possesses only U.S. dollars, identify the spot and forward exchange rates. What are the factors t..
Issued $600,000 face value Sloan Co. second mortgage, 8% bonds for $654,120, including accrued interest. Interest is payable semiannually on December 1 and June 1 with the bonds maturing 10 years from this past December 1. The bonds are callable..
Texark Inc., a calendar year taxpayer, reported $5,210,300 net income before tax on its financial statements prepared in accordance with GAAP. The corporation's records reveal the following information.
On jan 1 07 daniels company contained these liability accts. Accts payable 42,500 Sales tax payable 6,600 Unearned service revenue 19,000 During january
What is the total static-budget variance? A. $5,200 favorable b. $3,320 favorable c. $1,880 unfavorable d. $1,880 favorable 250. _______________ is a carefully predetermined amount usually expressed on a per-unit basis.
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