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Which one of the following distributions is nontaxable?
a. Mutual fund distributions from its net realized long-term capital gains in the amount of $1,000. You have an adjusted basis of $10,000 in the mutual fund.
b. Return of capital distribution from a utility company in the amount of $2,000. You have a zero basis in this stock.
c. Dividend on insurance policy in the amount of $1,000. As of the date of this dividend your net premiums exceed the total dividends by $3,500.
d. Your share of an ordinary dividend received by an S corporation in the amount of $25,000.
suppose greg groovy tunes' inventory account showed a balance of 10000 before the year end adjustements. the physical count of goods on hand totaled 9700. to adjust the accounts, what entry would greg make?
Alex owns an office building which the state condemns on January 15, 2010. Alex receives the condemnation award on April 1, 2010. In order to qualify for nonrecognition of gain on this involuntary conversion,
Discuss the differences between temporary and permanent accounts. What will happen if the temporary accounts like revenue, expense and dividend accounts are not closed in the ledger?
On March 3, Hinckley Appliances sells $580,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Hinckley Appliances' books to record the sale of the rece..
What types of industries have unearned revenue? Why is unearned revenue considered a liability? When is the unearned revenue recognized in the financial statements?
Several years ago the Haverford Company sold $1,000 par value bond that now has 25 years to maturity and an 8.00% annual coupon that is paid quarterly.
The major concern when using nonfinancial data in analytical procedures is the:
Custom Computers is a company started by two engineering students to assemble and market personal computers to faculty and students. The company operates out of the garage of one of the students' homes. From the following costs of a recent month, ..
Desiree Griseta Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2004 in which no benefits were paid. Determine the amounts of the components of pension expense t..
Company A hired Q to perform its year end audit. Subsequent to the compleation of field work, but prior to the issuance of the finicial statements, A discovers that one of its customers has filed for bankruptcy protection.
A rowdy spring break guest damages a jukebox that had been purchased in 1995 for $800. The jukebox had a useful of ten years, with an estimated salvage value of $75. The company decided to scrap the jukebox after the incident.
The first payment will be due in 6 months, the second in 18 months and the third in 30 months. What is the size of these payments if money is worth 10% compounded quarterly and a focal date of 18 months is used for evaluation purposes?
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