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Mason, an accrual basis taxpayer, owns a six-unit apartment building for which he receives rent of $600 per month per unit. In 2009, five of the units were rented for the entire twelve-month period. The sixth unit was occupied from January 1st through March 31st. Upon vacating the unit, the tenant was not refunded his security deposit of $400 due to damages to the unit. The unit was subsequently rented for one year beginning August 1, 2009. On August 1st, the new tenant paid the first and last month's rent and a refundable security deposit of $400. What is Mason's total rental income for 2009?
a. $40,800
b. $41,200
c. $41,800
d. $42,200
Assume that there is no maturity risk premium. An 8-year corporate bond has a yield of 8.3 percent, which includes a liquidity premium of 0.75 percent. What is its default risk premium?
Profit, charges, and break-even without and with overhead. A number of years ago, at the request of its employees, Jack Winslow and Company converted one of its small rooms to house a small pharmacy for its employees in which they can buy a few po..
Determine the earnings per share of common stock under the two alternative financing plans, assuming income before bond interest and income tax is $1,000,000. Round answers to 2 decimal places if required.
Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project.
Provide the circumstances under which each company chose its strategy. Provide information on how the two companies chosen strategies have affected performance and contributed to success or failure.
Brill Company's July sales budget calls for sales of $800,000. The store expects to begin July with $30,000 of inventory and to end the month with $35,000 of inventory. Gross margin is typically 40% of sales. Determine the budgeted cost of merchan..
Inventory observations involve an auditor understanding the company's planned counting procedures, so that the auditor can conclude the count was adequately planned and executed.
a) Calculate the material price and usage variances for the month. b) Calculate the labor rate and efficiency variances for the month.
The role and process of recognising depreciation in accounting reports, and by identifying accounting concepts which provide the justification for recognising depreciation.
Make the entry to record the partial refunding. Assume Grant Co. makes reversing entries when appropriate. Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount.
1. A large inventory of automobiles at an auto manufacturing company ( what constitutes good evidence for net realizable value and classification). 2. Available for Sale Security Investment-( what constitutes net realizable value and classification)
Why are revenue recognition methods so subjective and what are the implications to the quality of the income statement?
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