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John and jean own 80 percent and 20 percent respectively, of palm Corporation stock. Thanks to their hard work, Plum's software sales have sky rocketed. In its first year of operation plum's earning were minimal, but four years later, Plum grossed $10 million. plum compensated John and Jeans as follows: John received a bonus of 19 percent of net profits at the end of each year. Plum never paid any dividends. Can plum deduct any or all of the "salaries" paid to John and Jean?
What is the amount of income from the partnership that Diamond Co. must report for its tax year ending June 30, 2010? What is the amount of income from the partnership that Bill must report for her tax year ending December 31, 2010?
The balance of mortgage payable at a given balance sheet date will be reported as a long-term liability.
Compute the day’s sales uncollected for both companies as of the end of current period. Which company is doing a better job in managing the collection of its receivables?
The deposits are based on the container cost marked up 20%. How much profit did Slotnick realize on the forfeited deposits?
Put Company paid $220,000 for an 80% interest in Sel Company on July 1, 2011, when Sel Company had total equity of $110,000. Sel Company reported earnings of $10,000 for 2011 and declared dividends of $8,000 on November 1, 2011.
Prepare the adjusting entry for depreciation at December 31, post the adjustments to T accounts, and indicate the balance sheet presentation of the equipment at December 31.
During 2010, Durham Manufacturing expected to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Durham applied overhead based on direct labor cost.
What is the fundamental accounting model? Explain what debit and credit mean? What is a journal entry?
Conduct literature and internet research of sole proprietorships, partnerships, and corporations. Discuss the three business forms in terms of how they are formed, managed, and how they operate as business entities.
Tazmania Inc. had pretax financial income of $154,000 in 2007. Prepare Tazmania's journal entry to record 2007 taxes, assuming a tax rate of 45%.
Write down a 3-5 pg paper comparing and contrasting Federal and state tax research. Examine the different constitutionality challenges with regard to Federal and state taxes.
Explain the problem with authority and resoning
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