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Second Church is going to operate a gift and book shop that will include only religious articles in its inventory. The shop will be staffed by employees who are not church members. Under consideration are two options: (1) organizing the shop as a wholly owned corporate subsidiary and (2) including it within the organizational structure of second church. The projected annual profits of $100000 are to be used in the church's outreach mission. What are the tax consequences of each option? Which should second church select?
Why are fringe benefits provided by employers to employees more valuable to those employees than if the employer simply gave the employees the money necessary to purchase those fringe benefits?
In addition, Otter has tax-exempt interest income of $250,000 and makes distributions to Ellie and Linda of $50,000 each. Discuss the impact of this information on the taxable income of Otter, Ellie, and Linda if Otter is:
There are four steps in the auditor's process of understanding internal control and assessing control risk for a public company. The first step is to obtain and document an understanding of internal control: design and operation. What are the rema..
Your company has a pension plan. At the end of the year your company reports an ABO of $250,000, PBO of $300,000 and Plan Assets of $230,000 for the year ended December 31, 2011.
Julia Katchum is in charge of the Eastern Regional Counterterrorism Computer Forensics Unit. Her recent investigations led her to believe that an imminent threat of a terrorist act in the Chicago area exists.
Molly and Dolly form MD Corporation. Molly transfers a building with a fair market value of $800,000 and a basis of $400,000 that is encumbered by a $100,000 mortgage that the corporation assumes in exchange for 50 percent of MD's stock.
What is the basic relationship between interest rates and bond prices, and why does the relationship exist?
Stacy Ann Lynn, the great grand-daughter of the company's founder is the current CEO/President of the company, which is still a family owned business.
On January 1, 2010, NWK, Inc.'s assets were $300,000 and its stockholders' equity was $140,000. During the year, assets increased $15,000 and liabilities decreased $10,000. What was the stockholders' equity on December 31, 2010?
Courgar Inc. issued 3,000 shares of 4% cumulative $120 par value preferred stock at par. What is the journal entry to record this transaction?
Determine the effect on EZ's accounting equation relative to the sale, collections, and write-offs of accounts receivable during 1007. What is the net realizable value of accounts receivable on December 31, 2007, under each assumption in part (2)?
The common shares have a market price of $22.50 per share on the grant date. Suppose Magnetic Optical expected a 10% forfeiture rate on the restricted shares prior to vesting Determine the total compensation cost.
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