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Ireland Corporation obtained a $40,000 note receivable from a customer on June 30, 2011. The note, along with interest at 6%, is due on June 30, 2012. On September 30, 2011, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 10%. What amount of cash did Ireland receive from Cloverdale Bank?
a. $40,600.
b. $36,000.
c. $39,220.
d. $36,820.
Compute Olga's depreciation expense for 2008-2010 assuming the mid-quarter convention applies to all three-year property placed in service during 2008.
Your company's CEO has just learned that your firm's equity can be viewed as an option. Why might he want to increase the riskiness of the company, and why might other stakeholders be unhappy about this?
Net Income for Levin-Tom partnership for 2012 was 125000. Levin and Tom have agreed to distribute partership net income according to the following plan.
Indicate the account names, amounts, and classifications of the items related to the premium plan that would appear on the BC Candy Company balance sheet and income statement at the end of 2010 and 2011.
The Mars Corporation issued 2,000 shares of its $10 par value common stock for $70,000. The Mars Corporation also incurred $1,500 of costs associated with issuing the stock.
George's case was handled under the "small tax case procedure." He does not agree with the findings of the Tax Court. He would like to appeal the decision of the Tax Court. Which one of the following is true?
In determining the adequacy of the allowance for uncollectible accounts, the least valuable evidence would be obtained from
the basic model of competition reviewed finds that in the long run all firms in a purely competitive industry will earn normal profits. if all firms will only earn a normal profit in the long run, why would any firms bother to develop new products..
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?
During 2012, Crop-Paper-Scissors, a craft store, changed to the LIFO method of accounting for inventory. Suppose that during 2013 they switch back to the FIFO method and the following year switch back to LIFO again.
Tee Times, Inc. produces and sells the finest quality golf clubs in all of Clay County. The company expects the following revenues and costs in 2009 for its Elite Quality golf club sets.
The IRS allows CPAs, lawyers, and Enrolled Agents (EA) to prepare taxes for compensation. Debate how this affects the accounting profession as a whole, and how you think this change will impact the accuracy and cost of tax preparation.
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