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Blue Corporation, a cash basis taxpayer, has taxable income of $700,000 for the current year. Blue elected $80,000 of § 179 expense. It also had a related party loss of $30,000 and a realized (not recognized) gain from an involuntary conversion of $85,000. It paid Federal income tax of $185,000 and a nondeductible fine of $20,000. Blue's current E & P is:
a. $465,000.
b. $529,000.
c. $614,000.
d. $630,000.
e. None of the above.
What are the two methods for accounting for purchase discounts?
Which of the following would be treated as an extraordinary item?
Betty Products Inc. manufactures three products on two machines. In a typical week 40 hours are available on each machine. The profit contribution and production time in hours per unit follows:
Knell Corporation sells a product for $230 per unit. The product's current sales are 33,000 units and its break-even sales are 26,400 units. The margin of safety as a percentage of sales is closest to:
Using the direct method of reporting cash flows from operating activities, what were Hogan's cash payments for operating expenses?
You have been elected president of your university's newly chartered accounting honor society. The society is a chapter of a national organization that has the following mission: "To promote the profession of accountancy as a career and to imbue m..
Muriel, age 70 and single, is claimed as a dependent on her daughter's tax return. During 2009, she had interest income of $2,400 and $800 of earned income from babysitting. Muriel's taxable income is what?
What is the effect of the errors on 2009 net income before taxes?
Which of the following best describes the deductions independent contractors may claim for valid business reasons?
Aedion Company owns control over Breedlove, Inc. Aedion reports sales of $300,000 during 2004 while Breedlove reports $200,000. Inventory costing $20,000 was transferred from Breedlove to Aedion (upstream) during the year for $40,000.
Trent paid cash dividends of $160,000 and thereafter declared and issued a 5% common stock dividend when the market value was $2 per share. Trent's net income for 2010 was $360,000. What is the balance in Agee's investment account at the end of 2010?
Investment income and related expenses amt. to $7,000 and $500 respectively. What is Mike and Sally's interest deduction for the 2010 tax year?
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