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On January 1, Gull Corporation (a calendar year taxpayer) has accumulated E & P of $200,000. During the year, Gull incurs a net loss of $280,000 from operations that accrues ratably. On June 30, Gull distributes $120,000 to Sharon, its sole shareholder, who has a basis in her stock of $75,000. How much of the $120,000 is a dividend to Sharon?
a. $0.
b. $60,000.
c. $75,000.
d. $120,000.
e. None of the above.
For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:
On the first day of the current fiscal year, $1,000,000 of 10-year, 7% bonds, with interest payable semiannualy were sold for $1,050,000. Present entries to record the following transactions for the current fiscal year:
Bonds uses a discount rate of 11 percent and wants projects to have a payback period of no longer than five years. Present value tables or a financial calculator are required.
On July 31, 2010, Fenton Company had a cash balance per books of $6,140. The statement from Jackson State Bank on that date showed a balance of $7,695.80. A comparison of the bank statement with the cash account revealed the following facts.
Choose a client or yourself. For confidentiality purposes, use a fictitious name.
Calculate the profitability ratios that can be computed from the above information.
Shipyard Corp. acquired Boatworks Corp. in a Type A reorganization on October 19, 2011. On the date of acquisition, Boatworks had a deficit in its earnings and profits of $30,000.
Calculate the partner's distributive shares of partnership income or loss and separately stated items.
Assuming that Gray is 52 years old, determine the monthly premium that Gray must include in income as a result of receiving the group-term life benefit?
By how much must the assets be reduced to bring the TATO to the industry average, holding sales constant?
An ounce of oats contributes 8 milligrams of vitamin A and 1 milligram of vitamin B, whereas an ounce of rice contributes 6 milligrams of A and 2 milligrams of B. An ounce of oats costs $0.05, and an ounce of rice costs $0.03. Formulate a LP model..
August 31 falls on a Thursday. On Friday, September 1, the part-time employee John J. Jones was paid $250 or $50 per day for a five-day work week which ended that Friday.
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