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A company owned a plot of land that appeared in its fixed assets at its acquisition cost in 1910, which was $10,000. The land was not used. In 1989, the local boys club asked the company to donate the land as the site for a new recreation building. The donation would be a tax deduction of $110,000, which was the current appraised value. The company's tax rate was 40 percent. Some argued that the company would be better off to donate the land than to keep it or to sell it for $110,000. Assume that, other than the land, the company's taxable income as well as its accounting income before taxes was $10,000,000.
Required:
How would the company's aftertax cash inflow be affected if (a)it donated the land or (b) it sold the land for $110,000? How would its net income be affected?
Analyze the agency's compensation for employees. Provide a rationale on what the costs and benefits would be for a 2 percent, 4 percent, or 5 percent pay increase for the fiscal year 2014. In your forecast, (a) discuss the effects of the increase ..
Tommy purchases and places in service in 2011 personal property costing $900,000. What is the maximum Sec. 179 deduction that Tommy can deduct, ignoring any taxable income limitation?
Compute the issue price of a $1,500,000 bond issue and prepare the journal entries for the issuance and first years' interest payments (use the effective interest method). Assume the bonds are paid semiannually (June 30 and December 31).
The introductory section of a CAFR typically includes all of the following except
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Please explain to me the accounting research methodologies of deductive, inductive and pragmatic research methods. Give me some examples to reinforce these methods.
Name the steps in completing the accounting cycle and explain how they impact the financial statements. What happens is a step is missed? Explain.
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What do you think about this thought process? How could you convince someone that they should deduct their charitable contributions?
The return on investment measure of performance: Answer Is relevant only to business enterprises. a) Is used by individuals to compare investment performance.
Moped, Inc. purchased machinery at a cost of $22,000 on January 1, 2011. The expected useful life is 5 years and the asset is expected to have salvage value of $2,000. Moped depreciates its assets via the double-declining balance method.
You have deposited $8,369 in a special account that has a guaranteed interest rate of 13% per year. If you are willing to completely exhaust the account, what is the maximum amount that you could withdraw at the end of each of the next 8 years?
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