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A trust has net accounting income and distributable net income (DNI) of $60,000, all from taxable sources. The trustee is required to distribute $40,000 of current income to Harry. In addition, the trustee makes a discretionary distribution to Harry of $10,000 and a discretionary distribution to Susan of $30,000. $20,000 of the $40,000 total discretionary distributions is from corpus. Gross income reportable by Harry is??
a. $50,000
b. $45,000
c. $37,500
d. $30,000
The company has 15 employees, who earn a total of $1830 in salaries each working day. They are paid each Monday for their work in the five day workweek ending on the previous Friday.
Identify three major accounting issues on which IFRS and US GAAP currently differ. For each, outline briefly the nature of the divergence, and discuss the potential impact if the IFRS position is adopted in the US.
Kim is measuring her retirement plan. Assume she has $500,000 when she retires in an account that earns at an effective annual rate of 9%.
Cully furniture buys 2 products for resale: big shelves (B) and medium shelves (M). Each big shelf costs $500 and requires 100 cubic feet of storage space, and each medium shelf costs $300 and requires 90 cubic feet of storage space.
Prepare schedule to reconcile accounting and taxable income and to compute taxes payable. Prepare a schedule of temporary differences and deferred income taxes. Prepare Journal entry for each year. Show how income tax expenses, deferred income tax as..
Under absorption costing a company had the following per unit costs when 10,000 units were produced. Compute the company's total production cost per unit if 25,000 units had been produced.
Yola Company manufactures a product with standards for direct labor of 4 direct labor-hours per unit at a cost of $12.00 per direct labor-hour. During June, 1,000 units were produced using 4,100 hours at $12.20 per hour. The direct labor efficienc..
Answer the following questions based on Scottsdale, AZ CAFR year ending June 30, 2012.
Olgas proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the proprietorship on her individual income tax return.
Donkey Company manufactures two products, Standard and DeLuxe. Donkey's overhead costs consist of machining, $2,000,000; and assembling, $1,000,000. Information on the two products is:
You have a total of $411,016 in your retirement savings and have the funds invested such that you expect to earn an average of 7.10 percent, compounded monthly on this money throughout your retirement years.
What are the primary reasons for a country to sometimes withhold goods or put price controls on exports to international markets? What are possible outcomes of this practice? What are your feelings about price controls?
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