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Carol attends State University and received a $10,000 scholarship for her senior year that began in September, 2011. Up to the time of her graduation in May, 2012, Carol had paid the following expenses for the two semesters from her scholarship funds.
First Semester Second Semester
Tuition $3,000 $3000 Residence hall room and board 1,550 Apartment living expenses 1700Books and fees 400 250Job hunting clothes 100Total 4950 5,050
Does Carol have any income as a result of the scholarship? If yes, how much is her income and in what years would it be included in gross income?
The CEO of your company has requested that you prepare a written presentation to be given at the next board of directors meeting regarding the continuing impact that the information age has on financial accounting.
Impairments are: a) recognized as a realized loss if the impairment is judged to be temporary. b) based on fair value for available-for-sale investments and on negotiated values for held-to-maturity investments.
What are the different ways to estimate bad debt? How does this affect net income? What does Generally Accepted Accounting Principles (GAAP) require? Why? Should all companies have bad debt? Explain your answer.
Assuming the U.S. tax rate is 35%, and that this is Nocera's first year of operations, what is Nocera's balance in its deferred tax asset and deferred tax liability accounts at year end?
At Flint Company's break-even point of 9,000 units, fixed costs are $180,000 and variable costs are $540,000 in total. The unit sales price is:
What are the differences between regular and irregular items on income statement? What are the requirements for items to qualify as irregular?
Discuss the factors to consider when determining eligibility for the R&D Tax Credit. Discuss your reaction to the president's approach of R&D deduction related to the software training costs.
You own a bond with a face value of $10,000 and a conversion ratio of 450. What is the conversion price?
Determine the total direct manufacturing cost. Briefly explain the difference between manufacturing overhead costs and selling and administrative costs. Calculate both the total manufacturing overhead cost and the total selling and administrative cos..
Explain how the statement of retained earnings relats to the balance sheet.
What are some examples of positive and negative evidence used to establish the need for a valuation allowance for a tax loss carryforward? What is the effect of the valuation allowance on the free cash flow forecast?
Prepare schedule to reconcile accounting and taxable income and to compute taxes payable. Prepare a schedule of temporary differences and deferred income taxes. Prepare Journal entry for each year. Show how income tax expenses, deferred income tax as..
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