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Freda is a cash basis taxpayer. In 2011, she negotiated her salary for 2012. Her employer offered to pay her a total of $250,000 for the year. Freda countered that she would accept $10,000 each month for the 12 months in 2012, and the remaining $130,000 in January 2013. The employer accepted Freda's terms for 2012 and 2013.
a) Did Freda actually or constructively receive $250,000 in 2012?b) What could explain Freda's willingness to spread her salary over a longer period of time?
Who will receive exchange treatment as a result of the redemption?
A company has a retention rate of 50%, sales of $25,000, beginning equity of $50,000 and profit margins of 10%, an asset turnover ratio of .75 and debt of $10,000. What is its sustainable growth rate?
The Carlton Corporation has $4 million in earnings after taxes and 1 million shares outstanding. The stock trades at a P/E ratio of 20. THE firm has $3 million in excess cash.
Compare and contrast an income statement and a balance sheet. What do they measure? Why would a marketing manager find the income statement more useful than the balance sheet?
Cypress Corp., a calendar year corporation, purchased a $750,000 factory building in February, $240,000 of new machinery in April, $90,000 of new office furniture in August, $130,000 of used machinery in October, and $140,000 of new office furnitu..
Fixed manufacturing overhead costs released from inventory under absorption costing amounted to $32,900. What was the absorption costing net operating income last year?
Julie owns 100% and is an active participant in the rental real estate activity. What is Julies taxable income in 2010?
The following control procedures are used at Sandwich Company for over-the-counter cash receipts. For each procedure, explain the weakness in internal control, and identify the control principle that is violated.
Rand Company sells fine collectible statues and has implemented activity-based costing. Costs in the shipping department have been divided into three cost pools.
What are the differences in financial reporting in a for-profit and government organization? What are the similarities in financial reporting in a for-profit and government organization?
Examine the corporate financial decision-making procedure at your selected organization (Walt Disney). In your analysis be sure to address the following items:
Rubarb farms depreciates its assets at a faster rate for tax purposes than to GAAP financial statement purposes, and invest heavily in municipal bonds. in its first year of operation, the year ended Dec 31, year 1.
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