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Carol recently incorporated her sole proprietorship and is considering making an S election. The corporation generates $200,000 of gross revenue and incurs expenses of $75,000, before paying Carol's salary. She plans to take a gross salary of $60,000 from the business, and this will be her only income for the year.
Task:
Compare the total tax burden for Carol and the corporation with and without the S election. Consider both income and employment taxes. Carol is single and does not itemize her deductions. She plans to reinvest the corporation's net income after taxes into the business.
Which one of the following current year income and expense items is not included in Dixon Corporation's Accumulated Adjustments Account?
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From a review of the stockholders' equity section, as chief accountant, write a memo to the president of the company answering the following questions.
The chief audit executive is concerned that a recently disclosed fraud was not uncovered during the last engagement to evaluate cash operations.
A proprietary fund of a governmental entity has donor-restricted assets on its balance sheet. Which of the following best describes where and how those assets will be displayed?
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Percy reported net income from its own operations of $720,000 in 2011 and $760,000 in 2012. Smyth reported net income of $400,000 in 2011 and $460,000 in 2012. Neither company declared dividends in either year.
On January 1, 2010, Robins Inc. changed from the LIFO method of inventory pricing to the FIFO method. Explain how this change in accounting principle should be treated in the company's financial statements.
What do you think would be an acceptable return on investment in the current economic climate? Please explain.
The market price of the common stock was $31 per share at the date of the grant. G Corp. used the Binomial pricing model and estimated the fair value of each of the options at $10. What amount should G charge to compensation expense for the year e..
If there were 30,600 units of inventory on hand on December 31, 2007, how many units should be produced in January, 2008 in order for the company to meet its goals?
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