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What is the definition of being self-employed? What distinguishes a self-employed individual from an employee? Why is this distinction important? Explain.
Suppose you live 60 miles from your old place of business, but you have changed jobs with a new job site 100 miles away from your old residence. You buy a new home one-mile from your new business. Are you qualified for a moving expense deduction? Explain the requirements for moving expense deductions.
How is the write-off of a bad debt handled on the tax return? How does the debtor have to handle the forgiveness of the debt? Why?
How is basis determined? What events can adjust basis up or down? How does tax basis differ from GAAP accounting basis?
Are you qualified to claim a home office deduction if you have another full-time office? Explain.
What is the difference between a tax credit and a tax deduction? Which is preferable? What is the difference between a refundable and non-refundable tax credit?
What are some year-end tax planning strategies you (personally) can employ to minimize your next year's tax liability?
The dept started 375,000 units into production during the month and transfered 380,000 completed units to the next dept. Compute the equivalent units of production for the 1st dept for June, assuming that the company uses the weighted average meth..
The initial investment would be for equipment that would cost $196,000 and have a 7 year life with no salvage value. The annual depreciation on the equipment would be $28,000. The simple rate of return on the investment is closest to:
For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5..
Orosco Supply Co. has the following transactions related to notes receivable during the last 2 months of 2008.
Common and preferred stock? issuances and dividends. Flameco Corp. was incorporated on January 1, 2003, and issued the following stock, for cash:
Describe what is meant by Incremental Analysis? Briefly describe an example from a situation you know or have read about?
United, Inc., a U.S. corporation, entered into a contract on November 1, 2007 to sell two machines to International Company, for 80,000 foreign currency units (FCU). The machines were to be delivered and the amount collected on March 1, 2008.
The manufacturing manager of New Technology Company is concerned about the company's newest plant. When the plant began operations three years ago, it had the best of everything. What is the nature of the plant's problems?
During the year, accounts receivable decreased $7,000, merchandise inventory increased $5,000, accounts payable increased by $10,000, and depreciation expense of $5,000 was recorded. During 2007, operating activities:
The cash flow of a firm which is available for distribution to the firm's creditors and stockholders is called the
A new computer is purchased that can do the same job in 5 days. How long would it take to do the job with both computers working on it?
Vouch the purchase by reference to underlying documentation. Inquire as to the status of patent applications. Evaluate the future revenue-producing capacity of the intangible asset.
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