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In 2010, for federal income tax purposes, Donald paid and deducted California income tax of $9,500. When the California income tax return was filed in mid March 2011, the return indicated that Donald would receive a $1,500 refund of California income tax. Donald received this refund later in the same month. Is the California refund a taxable income for 2011?
Can you describe the tax benefit rule in your own words?
How do you compute total cost of goods in process/finish goods inventory?
Both figures occur evenly throughout the year. On a December 31, 2004 consolidated income statement, what should be reported as the noncontrolling interest in the subsidiary's net income and as preacquisition income?
Review the provisions of the Sarbanes-Oxley Act which was created in 2002 to address the accounting scandals in the late 90s early 00s (Enron, WorldCom, etc.). Identify the provisions that you feel made the biggest impact.
Calculate the preliminary sample size using a 100% average misstatement assumption.
Make the journal entries to record the above three securities purchases. Make the journal entry for the security sale on May 20. Compute the unrealized gains or losses and prepare the adjusting entry for Arantxa on December 31, 2008.
On August 1, 2010, Dambro Co acquired 200, $1,000, 9% bonds at 97 plus accrued interest. The bonds will be added to Dambro's available for sale portfolio. The bonds were dated May 1, 2010, and mature on April 30, 2016, with interest paid each October..
Elk, a C corporation, has $500,000 operating income and $350,000 operating expenses during the year. In addition, Elk has a $20,000 long-term capital gain and a $52,000 short-term capital loss. Elk's taxable income is:
Distinguish between accounting treatment for available for sale equity securities and trading equity securities with example.
Total payroll was $480,000, of which $110,000 is exempt fro mSocial Security tax because it represented amounts paid in excess of $90,000 to certain employees. Prepare the necessary journal entries if the wages and salaries paid and the employer p..
What are the chances that a company will have 20 years of losses to actually use a loss carryforward (and still be in business)? How do accounting principles support holding an asset on the balance for this long?
Which description best fits Chester in your industry? For clarity: - A differentiator competes through good designs, high awareness, and easy accessibility. - A cost leader competes on price by reducing costs and passing the savings to customers.
Name the steps in completing the accounting cycle and explain how they impact the financial statements. What happens is a step is missed? Explain.
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