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Wayne owns a 25% interest in the capital and profits of Emerald Company (a calendar year partnership). For tax year 2010, the partnership earned revenue of $500,000 and had operating expenses of $200,000. During the year, Wayne withdrew from the partnership a total of $64,000. He also invested an additional $20,000 in the partnership. For 2010, Wayne's gross income from the partnership is:
1. $44,000.
2. $75,000.
3. $55,000.
4. $64,000.
5. None of the above.
Purple never used the land for any business purpose during the time it was owned by the corporation. What amount of loss can Purple Corporation recognize on the sale of the undeveloped land?
Let's talk about donated services. Clearly unique to nonprofits (well, I've never heard of anyone willingly donating their time and efforts to General Motors, but I guess it's possible) - What does FASB say about donated services?
What is the budgeted utility cost for September 2011 if 31,250 machine hours are projected?
Should the order from the Regal Bowling Ball Division be accepted by the Bowling Ball Division? Why?
During the past year, a company completed the following transactions related to the acquisition of property and the construction thereon of a new factory:
Variable costing fell out of favor in management circles because:
Which method of accounting (GAAP or IFRS) do you more closely agree in concerning the allocation of purchase price? Explain your rationale.
Determine the tax consequences of the redemption to Tammy and to Broadbill under the following independent circumstances.
NPV Project K costs $52,125, its expected net cash inflows are $12,000 per year for 8 years, and its WACC is 12 percent. What is the project's NPV?
A company declared a cash dividend on its common stock in December 2010, payable in January 2011.
The lease is for 6 years and the machine is estimated to have an unguaranteed residual value of $40,000. If the lessor's interest rate implicit in the lease is 12%, the six beginning-of-the-year lease payments would be ??
A corporation has 50,000 shares of $28 par value stock outstanding that has a current market value of $160. If the corporation issues a 4-for-1 stock split, the market value of the stock will fall to approximately
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