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Freddy purchased a certificate of deposit for $20,000 on January 1,2010. The certificate's maturity value in two years (December 31,2011) is $22,050. yeilding 5% before-tax interest.
A) Freddy must recognize $2,050 gross income in 2011
B) Freddy must recognize $2,050 gross income in 2010
C) Freddy must recognize $1,000 (.05 x $20,000) gross income in 2010.
D) Freddy must recognize $1,025 ($2,050/2) gross income in 2010 and 2011
E) None of the above
Projected sales for December, January, and February are $60,000, $85,000 and $95,000, respectively. The February expected cash receipts from all current and prior credit sales is:
Assume the percentage-of-completion method of revenue recognition is used on a long term construciton contract. Under this method, revenues that are earned but unbilled at the balance sheet date should be disclosed
If an individual taxpayer acquires a mortgage to buy his principle residence and then, several years later, refinances that mortgage with a new mortgage, the interest on that new mortgage is:
the balance sheet of the Indian River Electronics Corporation as of December 31, 2012, included 12.25% bonds having a face amount of $90 million.
Assuming Kuchman uses the par value method of accounting for its treasury stock, retained earnings at Dec 31. Year 2 would be reduced by ?
How is the amount of the casualty loss determined in each case (both full and partial losses)? What type of deduction is available? What limits or hurdles or percentages of adjusted gross income must be considered?
A business simulation game that is used by colleges and universities all over the world has students submit decisions over the Internet. Decisions are stored online, processed on the server, and then the results are stored online.
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The $300,000 loan was made to Brad in late 2007, and he used the money to create a very successful business. The note was forgiven by Kenneth in his will. What are the estate tax consequences of these transactions?
What is the total amount related to this loan that should be reported under current liabilities on the company's December 31, 2008, balance sheet?
Corporate fraud has become a hot topic in the accounting profession for the last several years. When conducting an audit, an auditor may encounter some corporate fraud.
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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