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Penguin Corporation (a cash basis, calendar year taxpayer) had the following income and expenses in the current year.
Income from services $400,000Salaries paid to employees 70,000Tax-exempt interest income 24,000Dividends from a corporation in which penguin holds at 12%interest 40,000Short-term capital loss on the sale of stock 17,000Estimated Federal income taxes paid 110,000
Penguin purchased seven-year MACRS property in the current year for $80,000. No?179 election was made. The property has a 10-year ADR midpoint life. Determine Penguin's taxable income and current E&P.
Prepare the manufacturing staffs calculations for the three alternatives: In addition to reducing costs, the new technology proposed for the greenfield plant would increase rnanufacturing flexibility, which would enable eTI to respond more quic..
Equestrain Roads sold $50,000 of goods and accepted the customer's $50,000 10% 1-year note receivable in exchange. Assuming 10% approximates the market rate of return, what would be the debit in this journal entry to record the sale?
Determine Hassell's and Lawson's participation in the year's net income of $378,000 under each of the independent assumptions above.
McCallister & Speass Plowing Company is completing the accounting process for the year ending December 31, 2009. The transactions during 2009 have been journalized and posted.
If the stock is sold for $20 per share subsequent to the balance sheet date, but before the balance sheet is issued, what amount of short-term debt could be excluded from current liabilities?
Suppose a stock had an initial price of $83 per share, paid a dividend of $1.40 per share during the year, and had an ending share price of $96.
A record shop gives its customers coupons redeemable for a poster plus a record album. One coupon i issued for each dollar of sales. On the surrender of 100 coupons and $3.00 cash, the poster and alsum are given to the customer.
Now compute the present value of the income stream from the gold mine at a discount rate of 5%, and at a discount rate of 3%
What do you do if you are unable to determine internal controls? Which do you think is most important?
An employee of the restaurant, Jack, finds the purse and notifies the owner of the restaurant. Going in order from superior to inferior rights, who has the best rights for the purse?
Prepare a direct materials budget for chips, by quarter and in total, for Year 2. At the bottom of your budget, show the dollar amount of purchases foe each quarter and for the year in total.
Palmerin Corporation is preparing its cash budget for November. The budgeted beginning cash balance is $30,000. Budgeted cash receipts total $167,000 and budgeted cash disbursements total $171,000. The desired ending cash balance is $50,000.
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