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Malcolm owns 60% and Buddy owns 40% of Magpie Corporation. On July 1, 2014, each lends the corporation $53,200 at an annual interest rate of 14%. Malcolm and Buddy are not related. Both shareholders are on the cash method of accounting, and Magpie Corporation is on the accrual method. All parties use the calendar year for tax purposes. On June 30, 2015, Magpie repays the loans of $53,200 together with the specified interest.
a. How much of the interest can Magpie Corporation deduct in 2014? In 2015? Round your answers to the nearest whole dollar.
Magpie Corporation can deduct interest expense of $ in 2014.
Magpie Corporation can deduct interest expense of $ in 2015.
Prepare a statement of cash flow using the indirect method. The acquisition of property and equipment is 31,083. What is the net increase in cash and equivalents and the cash and cash equivalents end of year.
An administrator of a popular website is told that a new faster server, which will replace the old server, can handle 45,000 hits (users accessing the site) per second.
les fleurs a boutique in paris france had the following accounts in its accounting records at december 31 20x2 amounts
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Explain how each of the foregoing transactions is reported in the Kessinger County General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance.
The cost of capital will remain at 15% and the hospital intends to purchase adjoining property in 2012 as the location for the proposed cancer center. Depreciation expense will increase by $5,000 in each of the next five years.
question 1 refer to the article pawsey n. brown a. amp chatterjee b. 2011. lsquothe potential adoption of ifrs for u.s.
Determine the FTE (full-time equivalent) needed to perform these activities. On this problem you should provide the exact decima or fractional answer and Do Not want to round to the whole employee.
Demonstrate knowledge of the links between management accounting, customers, suppliers and sources of external information and appreciate what is relevant to decision-making in a Management Accounting context.
create the required general journal entry to record the subsequent transactions for the flaherty company.a. incurred
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