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On September 1, year 1, Brak Co. borrowed on a $1,350,000 note payable from Federal Bank. The note bears interest at 12% and is payable in three equal annual principal payments of $450,000.
On this date, the bank's prime rate was 11%. The first annual payment for interest and principal was made on September 1, year 2. At December 31, year 2, what amount should Brak report as accrued interest payable?
On audit, an IRS agent determines that $90,000 of the amount paid to each of the shareholders is unreasonable compensation. What effect will the IRS agent's finding have on the taxable income of the shareholders and the C corporation?
If the direct labor variance is $800 favorable and the direct labor usage variance is $700 unfavorable then. Which of the following is NOT a fixed cost controllable by a segment manager? Which of the following is NOT a service department?
The following 2010 information is available concerning the Drake Company, which adjusts and closes its accounts every December 31:
calculating divisions margin turnover return on investment roi residual income.ebel wares is a division of a major
Suppose you have an invoice for some bike parts that you relieved a while back. How would paying off the invoice show up on the three main accounting documents?
Complete the statement below that outlines what the Federal income tax ramifications are.A capital gain of $ 80,000 is reported at the corporate level, and each shareholder includes a flow-through of $ 20,000 . David's basis in the S corporation beco..
Find out the amount that RIM invested in capital assets for that year. Assume a seven-year life and a 12% internal rate of return. What is the amount of cash flows that RIM must earn on these new projects?
on 28th may 2013 pesky corporation acquired all of the outstanding common stock of harman inc. for 420 million. the
Several years ago, ABC bought DEF Company. DEF was a supplier of merchandise for ABC and one of the primary reasons for this acquisition was so that ABC could save money on these purchases. In the current year, ABC reports cost of goods sold of $1,00..
Treasury stock that had been purchased for $4,874 last month was reissued this month for $5,909. What would the journal entry to record the reissuance include?
For the account Rent Revenue of a Merchandising business, indicate which of the below placements for the income statement is correct.
Determine pension expense to be reported on the income statement for 2010. Show all computations. Round all Computations to nearest dollar.
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