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Determination of Beneficiary's Income. A trust is authorized to make discretionary distributions of income and principal to its two beneficiaries, Roy and Sandy. Separate shares are not required. For the current year, it has DNI and net accounting income of $80,000, all from taxable sources. It distributes $60,000 to Roy and $40,000 to Sandy. How much gross income should each beneficiary report?
On August 5, 2011, Tanner sold the house for $570,000. Tanner paid a sales commission of $30,000 and legal fees of $800 connected with the sale of the house. What is Tanner's recognized gain on the sale of the house?
Which item LEAST resembles an interest free loan from the U.S. government?
Using vertical analysis, prepare a common size comparative balance sheet.
Describe some of the information a good AIS could have provided for this firm and that, if provided in a timely manner, could have helped avoid some of its problems.
Which of the following is one of the components of cost accounting?
Elston Company is authorized to issue 1,000,000 shares of $1 par value common stock. During 2002, its 1st year of operation the corporation has the following stock transactions:
Thirty flasks, 10 full, 10 half empty and 10 entirely empty, are to be divided among 3 sons so that flasks and content should be shared equally.
Prepare the entries to record the issuance of the bonds and the first semiannual interest payment assuming that the company uses effective-interest amortization.
Leslie died on October 31, 2011. Prior to 2009, Leslie had never made any gifts, but in 2010 she made some transfers. Specifically, on January 10, 2010, Leslie gave her vacation beach house to her five children as tenants in common.
Purchases land having a fair value of $336,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $592,147.
Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.
Eric lives in a home with a six-plex located at the rear of the property. On his tax returns, he allocates 60% of all expenses to the apartment building.
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