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Julio, age 50, is a U.S. citizen who has a 28% marginal tax rate. He has operated the A&B Automotive Parts Company for a number of years as a C corporation. Last year, A&B reported $200,000 of pre-tax profits, from which it paid $50,000 in salary and $25,000 in dividends to Julio. The corporation expects this year's pre-tax profits to be $300,000. To date, the corporation has created no fringe benefits or pension plans for Julio. Julio asks you to explain whether an S corporation election would reduce his taxes. How do you respond to Julio's inquiry?
Assume you're bearish on Stock Y and decide to sell short 100 shares at the current market price of $30 per share. You earn no interest on the funds in your margin account and the cost of borrowing shares is 0.25%.
Prepare the journal entry to record Autumn Company's issuance of 63,000 share of no-par value common stock assuming the shares;
Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,288. The FICA tax rate for social security is 6.2% and the FICA tax rate for Medicare is 1.45%.
accounting objective questions, Which of the following is a cash flow from operating activities? A cash inflow from financing activities includes?
The Fancy Umbrella Company makes beach umbrellas. The production process requires 3 square meters of plastic sheeting and a metal pole. The plastic sheeting costs $0.50 per square meter and each metal pole costs $1.00.
What accounting and other information could you look at to assist management in computing possible damages?
What does it mean to critically evaluate an economic event or resource in the context of an accounting standard and what is actually being evaluated and how?
What is the amount of interest expense Herman will show with relation to these bonds for the year ended December 31, 2010?
On January 30, Tensing Corporation bought supplies of $2,000. The supplies were all consumed in February. Determine which of the following statements is true regarding the accounting for these supplies.
On December 31, 2013, the child crisis center establishes an endowment fund with a $5 million gift of securities. Income from the endowment is to be used exclsuively to support a nutrition program.
Review the IRS website (www.irs.gov), and then provide a link to some information related to partnership formation or termination. Provide a brief summary of the link's contents?
Cost Behavior when costs are semivariable: Data from the payroll department of Dominguez Company for the past two months follow: What is the apparent variable cost per employee paid?
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