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Monty loaned his friend Ned $20,000 three years ago. Ned signed a note and made payments on the loan. Last year, when the remaining balance was $11,000, Ned filed for bankruptcy and notified Monty that he would be unable to pay the balance on the loan. Monty treated the $11,000 as a nonbusiness bad debt. Last year Monty had no capital gains and taxable income of $12,000. During the current year, Ned paid Monty $5,000 in satisfaction of the debt. Determine Monty's tax treatment for the $5,000 received in the current year.
Calculate the taxable income for 2012 for Aiden on the basis of the following information. Aiden is married however has not seen or heard from his wife since 2010
Discuss the major points of Watts and Zimmerman’s Positive Accounting Theory. How may their major hypotheses be applied to improving your ability as an accountant either inside or outside a firm?
Prepare, in good form, the bank reconciliation as of November and prepare, in good form, the required adjusting journal entries.
What is total manufacturing cost assigned to Job 413 and what is unit product cost for Job 413?
Assuming that Coaster uses the installment method of accounting for its installment sales, illustrate what amount of realized gross profit will Coastwe report in its income statement for the year ended December 31, 2012?
Assuming all of the containers produced by the bottle Division can be sold to outside companies, which of the following is the range at which a negotiated transfer price among the two divisions should occur?
suppose you own a movie rental theater and most of your costs(the film rental, security, security, the building rental, etc) are independent of how many people show up. What is likely to be the point elasticity of demand at the price you decide to..
Evaluate the predetermined overhead rate for the year. Break the rate down into fixed and variable components.
Net fixed manufacturing overhead cost incurred throughout a period
For the purposes of equity accounting for an investment in an associate, it is presumed that the investor has significant influence over the other entity where the investor holds
Journalize all entries required on the abouve dates, including entries to update depreciation, where applicable, on assets disposed of. Thomas Company uses straight-line depreciation. (Assume depreciation is uo to date as of Dec 31 2005.
During 2009, HS opened a branch office in the metropolitan area 30 kms from its principal place of business. Although this branch is not yet profitable ( as a result of competition from several well-established banks), management believes it will ..
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