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1. Larry Bounds has won the gold bat award for hitting the longest home run in major league baseball this year. The bat is worth almost $35,000. Under what conditions can Larry exclude the award from his gross income? Explain.
2. Compare and contrast start-up costs and organizational expenditures. Describe how the tax treatment of these expenditures differs from the treatment for financial accounting purposes.
3. Congress has tried to subsidize the cost of higher education through the federal income tax system. Compare and contrast the operation of the deduction for qualified educational costs and the operation of the deduction for interest on qualified educational loans.
4. What is an ordinary and necessary business expenditure?
On January 1, Year 1, Jayco purchased a machine for $6,000. It had an estimated salvage value of $1,200 and a life of six years. The straight-line method of depreciation was used. At, midyear in Year 4, Jayco sold the machine for $4,500 cash.
The differences between the book basis and tax basis of the assets and liabilities at the end of 2008 are as follows: What is the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2008?
Describe the benefits accruing to company that is traded in public securities markets. What are the disadvantages to being public?
When a fast food chain store, say Wendy's, chooses to acquire the largest cattle ranch in Nebraska, this is said to be a clear example of vertical integration.
What are at least 5 considerations you will need to take into account when you make a make-decision versus a buy decision at some point in the future? Explain at least 5 reasons why these risk are important to consider.
CAPM and Venture Capital
Creating a perception of detection can act as a deterrent to fraud. What are some ways companies attempt to create such a perception?
In its first year of operations, Harden Co. earned $39,000 in revenues and received $33,000 cash from these customers-Calculate the first year’s net income under both the cash basis and the accrual basis of accounting.
From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
What financial factors should management consider when deciding whether to sell a product at the split off point or process it further?
Financial markets are the forums in which buyers and sellers of financial assets such as stocks and bonds, and commodities such as grains, oil and gold, meet. Write a paper of not more than 10 pages on business and financial risk, as follows:
Find out the amount of sales revenue dorough will report on the first 2012 quarterly proforma income statement. Prepare cash receipts schedule for the first quarter of 2012
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