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Shareholders in closely held C-corporations often pay themselves large salaries in order to avoid double taxation on corporate income.
a. Briefly explain the double taxation problem and how paying large salaries to owners avoids it.
b. Briefly discuss how the reasonable compensation issue applies to S-corporations.
c. Briefly discuss the IRS s position on reasonable compensation for owner-employees of closely held C-corporations.
On January 1, CBU installed a new computer system for tracking and calculating inventory costs. On December 31, at yeas-end closing, CBU's system reported inventory at $4.5 million for financial statement purposes. At midnight, the auditors perfor..
White Corporation decides to discontinue the business and distributes all of the $4 million of insurance proceeds collected as a result of the fire to Helen and Gray Corporation in redemption of 20 shares of stock from each shareholder. Determine ..
On September 1, 2010, Winans Corporation acquired Aumont Enterprises for a cash payment of $680,960. At the time of purchase, Aumont's balance sheet showed assets of $611,060, liabilities of $213,800, and owners' equity of $397,260.
Suppose the company changed its depreciation calculation procedures (still within GAAP) such that its depreciation expense doubled. How would this change affect Brandywine's net income, total profit margin, and cash flow?
Beck Company is concerned about quality and is considering upgrading the materials used in its product to a higher quality. Doing so would cost an additional $1.65 per unit.
How much should Mr. Graff pay for a gold mine expected to yield an annual return of $20,000 and to have a life expectancy of 20 years, if he wants to have a 15% annual return on his investment and he can set up a sinking fund that earns 10% a year..
Compute the annual depreciation expense for 2006 and 2007, and book value at December 31, 2007, under the straight-line method.
In July of 2009, Mr. Mann, a sole proprietor who performs excavating services, purchased and put to use for business a piece of heavy equipment for $36,500.
The concept of operating leverage Signifies to which of the following?
It is illegal for a government to spend money for any purpose unless a valid appropriation for that purpose exists. Does this legal rule assure good financial management for each government? Why or why not?
On December 5, the store received $500 from the Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15.
For each error, indicate (a) whether the trial balance will not balance (b) the amount of the difference and (c) the trial balance column with the larger amount. Consider each error separately. Use the following form, in which error 1 is given as ..
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