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Taxpayer is a securities firm which uses the accrual method of accounting. Taxpayer executes stock trades and performs settlement functions. Settlement functions include recording the sale and confirming it with the customer. Trades made on December 28, 2013, until the end of the month are not settled until January of 2014. Taxpayer made $1,000,000 of net commissions from these trades in late December. Since the security is not credited to the customer's account until settlement date, taxpayer wants to declare the income on the settlement dates in 2014. Taxpayer does not receive the money until January 2014. Advise the taxpayer which is the proper period of recognition by preparing a formal tax memo.
On August 5, 2011, Tanner sold the house for $570,000. Tanner paid a sales commission of $30,000 and legal fees of $800 connected with the sale of the house. What is Tanner's recognized gain on the sale of the house?
Available-for-sale securities are securities that management expects to sell in the future, but are not actively traded for profit.
houston company uses the perpetual inventory system has the following units and costsinventory january 1 8000 units
ending liabilities are 67000 beginning equity was 87000 common stock sold during year totaled 31000 expenses for the
as the end of june the job cost sheets at tracer wheels inc. show the following total costs accumulated on three custom
myron is a barber who does his own accounting for his shop. when he buys supplies he routinely debits supplies expense.
anthony roofings budgeted manufacturing costs for 50000 squares of shingles are fixed manufacturing costs 30000
The following differences enter into the reconciliation of financial income and taxable income of Hatley Ltd for the year ended 31 December 2008, its first year of operation. The enacted income tax rate is 30% for all years.
bxv inc. is considering a 15-year investment project that will cost 300000. it is estimated that none of the 300000
How would you change the accounting system for the business? What additional accounts would be needed? How would the financial statements change?
Inventory substantive testing
granite works maintains a debt-equity ratio of 0.65 and has a tax rate of 32 percent. the firm does not issue preferred
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