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Court and insurance awards. Determine whether the following items represent taxable income
a. as the result of an age discrimination suit, Pat received a cash settlement of $40,000. One-half of the settlement represented wages lost by Pat as a result of the discrimination and the balance represented an award based on personal injury.
b. Matt sued the local newspaper for a story that reported he was affiliated with organized crime. The court awarded him $50,000 of libel damages.
c. Pam was injured in an automobile accident and received $10,000 from an employer-sponsored disability policy. In addition, her employer-financed medical insurance policy reimbursed her for $15,000 of medical expenses.
What amount, if any, is disclosed in the balance sheet as a liability for future warranty costs as of December 31, 2008, under each method?D.) which method b
charles austin of the controllers office of thompson corporation was given the assignment of determining the basic and
the maintenance departments costs are allocated to other departments based on the number of hours of maintenance use by
judy just obtained a patent on a new product she developed. bell corporation wishes to market the product and will pay
Norman Corporation had 250,000 shares of common stock outstanding during the year. Norman declared and paid cash dividends of $200,000 on the common stock and $160,000 on the preferred stock. Net income for the year was $880,000. What is Norman's ..
tinas fine juices is a bottler of orange juice. the company produces bottled orange juice from fruit concentrate
Poobah Manufacturers Inc. has estimated total factory overhead costs of $95,000 and 10,000 direct labor hours for the current fiscal year. If job number 117 incurred 1,600 direct labor hours, the work in process account will be debited and factory..
The General Fund, a Special Revenue Fund, or an Enterprise Fund. Indicate the circumstances in which each of these fund types might be appropriate.
ajax company currently produces three products from a joint process. the joint process has total costs of 508000 per
square manufacturing is considering investing in a robotics manufacturing line. installation of the line will cost an
The payment of the second installment and Fixed asset purchases with note
Labor hours and production costs for the last four months of 19A, which you believe are representative for the year, were.
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