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Tommy, a senior at State College, receives free room and board as full compensation for working as a resident advisor at the university dormitory. The regular housing contract is $1,800 a year in total, $1,000 for lodging and $800 for meals in the dormitory. Tommy had the option of receiving the meals or $800 in cash. Tommy accepted the meals. What is Tommy's gross income from working as a resident advisor?
a. $0, the entire value of the contract is excluded from gross income.
b. $800, only the meal contract must be included in gross income.
c. $1,000, only the lodging contract must be included in gross income.
d. $1,800, the entire value of the contract is compensation.
e. None of the above.
If all of the methods produce similar results, then decision makers can have more confidence in the estimated cost of equity. Why do you think this is a correct statement?
Collegiate Tuxedo rents apparel throughout the year. They have experienced non-payment by about 15% of their customers with an average loss of $200. Collegiate wants to stem their losses by using an instant electronic credit check on the customer.
Determine the actual and standard variable cost per bag of dog food produced, separated into direct materials. direct labor, and variable overhead.
Your meeting with the CEO and other officers of the distance learning investment company will last for 35 minutes. You must get them to buy into your idea or the project will fade away.
As a monopoly, compute Quick Tax's output, price, and profits at the profit-maximizing activity level.
A substantial number of hours was spent by Raleigh and Mincin in resolving relatively minor differences between the confirmation replies and the accounting records. Alternative audit procedures were used for supplier who did not respond to the con..
Review SOX mandates, and determine what protections are currently in place to protect whistle-blowers. Take a position on whether more employees would be willing to blow the whistle on corporate misbehavior due to the provisions for whistle-blower..
Madison Company issues $5,000,000 face value, 12%, 5-year bonds payable on December 31, 2005. Interest is paid semiannually each June 30 and December 31. The bonds sell at a price of 97; Madison uses the straight-linemethod of amortizing bond disc..
General Products Company bought Special Products Division in 2010 and appropriately recorded 500,000 of goodwill related to the purchase.
Perform an Internet search using the term, flexible budgets, and locate an article (from 2012) from the results of your search.
Fauver Industries plans to have a capital budget of $650,000. It wants to maintain a target capital structure of 40% debt and 60% equity, and it also wants to pay a dividend of $375,000.
What is the effect of high inherent risk on the amount of audit work required? Answer the same question for high control risk and high acceptable audit risk.
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