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Pierce Corp., an accrual-basis, calendar-year C Corporation, had the following 2009 receipts:
2010 advance rental payments for a lease ending in 2011: $250,000Lease cancellation payment from a 5-year lease tenant: $100,000
Pierce had no restrictions on the use of the advance rental payments and renders no services connection with the rental income. What amount of gross income should Pierce report on its 2009 tax return?
a. $350,000b. $250,000c. $100,000d. $0
Thus far in class we've talked about many interesting topics in international accounting including international accounting standards, the history of accounting, IFRS vs. US GAAP, the FASB Codification, convergence, harmonization, foreign currency..
On January 1, 2004, Digital, Inc. leased heavy machinery from Young Leasing Company. The terms of the lease require semi-annual payments of $20,000 every six months for ten years beginning on June 30, 2004. The annual interest rate on the lease is..
Assume that the real risk-free rate, r, is 3 percent and that inflation is expected to be 8 percent in Year 1, 5 percent in Year 2 and 4 percent thereafter.
What could explain Freda's willingness to spread her salary over a longer period of time?
Barbara transfers $10,000 cash and machinery having a $!5,000 basis and a $35,000 FMV to Moore Corp. in exchange for 50 shares of Moore stock.
What are the differences between accrual and cash basis accounting? Why is cash accounting not appropriate for financial reporting?
Maximum earnings per share (EPS), Minimum cost of debt (rd), Highest bond rating, Minimum cost of equity (rs), or Minimum weight average cost of capital (WACC).
An apartment house was purchased on July 8 of last year, by a taxpayer who computes her taxes on a calendar basis. Her depreciation deduction last year was $7,902.
Battle Tank, Inc. had net sales in 2004 of $1,200,000. At December 31, 2004, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,100 credit.
Kordel Inc. acquired 75% of the outstanding common stock of Raxston Corp. Raxston currently owes Kordel $500,000 for inventory acquired over the past few months.
In light of the business scandals of the last few years, does the AICPA's Code of Professional Conduct work? What is the area of greatest concern?
Specific identification method (62 of the units sold were purchased on April 9, and the remaining units were purchased on May 1).
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