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Question - Sally is an attorney who computes her taxable income using the cash method of accounting. Sage Corporation owned 40% by Sally's brother, 40% by her cousin, and 20% by her grandmother, uses the accrual method of accounting. Sally is a calendar-year taxpayer, whereas Sage Corporation's fiscal year ends on January 31. During 2013, Sally does some consulting work for Sage Corporation for a fee of $10,000. The work is completed on December 15 and Sage receives Sally's invoice on that date. For each of the following assumptions, answer the following questions. During which tax year must Sally report the income? During which tax year must Sage Corporation deduct the expense?
a) The payment to Sally is made on December 27, 2013.
b) The payment to Sally is made on January 12, 2014.
c) The payment to Sally is made in February 3, 2014.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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