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On October 2, 2010, the Television Company sold a set costing $400 to Jones for $600. Jones made a down payment of $150 and agreed to pay $25 the first of each month for 18 months thereafter. Jones paid the first two installments due on November 1 and December 1, 2010. In 2011 Jones made five payments, but then defaulted on the balance of the payments. The set was repossessed on November 1, 2011. The company closes its books as of December 31.Required:1. Give three different amounts that might be shown as realized income for 2010 and indicate the circumstances under which each of these amounts would be acceptable.2. Assuming that the repossessed television set has a wholesale value of $50 and a retail value of $75, prepare a journal entry to record the repossession under the installment method of accounting. Explain fully the reasoning applicable to your entry.
Prepare a form 1065 for ABC Partnership, including the Schedule K-1 for the partners and all other required schedules - information is missing make reasonable assumptions and attach a listing of those assumptions
During 2011, Sparrow Corporation, a calendar year C corporation, had operating income of $510,000, operating expenses of $370,000, a short-term capital loss of $25,000, and a long-term capital gain of $80,000. How much is Sparrow's tax liability f..
1. evaluate price and quantity variances for nursing costs.2. evaluate spending and efficiency variances for supplies
Prepare a complete depreciation schedule, beginning with calendar year 2008, under each of the methods listed below (assume that the half-year convention is used).
A consumer would prefer to have his or her income doubled rather than prices of all goods halved and decrease in price simply represents a transfer from suppliers to consumers.
this following information if for ella dodd for the week ended march 15.total hours worked48rate 15 per hr with double
edwina worked at three jobs during 2011. she earned 30000 40000 and 9000 respectively form the jobs and had 10000 from
question janice morgan age 32 is single and has no dependents. she is a freelance writer. in january 2011 janice opened
Prepare a memorandum for your Tax MAnager explaining why the exchange does or does not mee the Sec 351 control requirements. Your Manager has sugested that, at a minimum you consult the following authorities
What recommendation will you make to Mary in order for her to be able to withdraw the $100,000 without future tax consequences?
Revenue raising bills (such as tax bills) are supposed to originate in the House of Representatives. How could a Senator initiate a tax bill?
Year Income (loss) Tax rate Income tax 2009 30,000 35% 10,500 first year of operations 2010 45,000 30% 13,500 2011 (60,000) 30%0 What is the income tax refund receivable?
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