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David Drayer is the lead partner in a local accounting firm whose practice consists of tax consulting and compliance. The firm also serves clients by providing write-up and payroll processing services. As his firm has grown, David has developed various ways to build its business. David and his wife, Judy, created DJ Partnership to purchase an office building where David moved his practice. Because the building is larger than what the practice currently needs, space is rented to other tax practitioners. In addition to providing office space, the partnership offers professional and administrative services on an exclusive basis to the tenants. these services included secretarial support, telephone answering service, tax professionals and miscellaneous administrative support. DJ Partnership considers its primary activity to be providing professional and adminstrative services to its tenants rather than being a lessor. Because of the attractiveness of the services to its tenants, the building is fully leased. In the first year, judy works full-time at the partnership and David commits about 550 hours to its operations. for the first year, the partnership incurs a tax loss of $60,000. Without considering the impact of the loss, David and Judy's AGI is $175,000. Write a letter to David in which you advise him on the deductibility of the $60,000 loss for Federal income tax purposes. Because David is a professional, feel free to make use of technical language in your????ter.
Determine the inventory value using both the temporal and current methods. Show how this will be reflected on Royal Tea's statements and the consolidated statements of U.S. Beverages. Use the following information for this calculation:
Collect the 4 main financial statements from credible sources (newspaper, peer-reviewed journals, investor relations, web sites or annual reports. Create a flow chart that illustrates the steps in the accounting cycle.
Explain the advantages and disadvantages of each set of performance measures. How do they must design the organizational architecture to control the agency problems?
Markus Industries is authorized by its corporate charter to issue 10,000 shares of preferred stock with a 7% dividend rate and a par value of $10 per share, and 25,000 shares of common stock with a par value of $2 per share.
In the Mattel factory they are spending hours upon hours making the new action figures for the upcoming film MATRIX IV-THE RISE OF NEO.
Examine different types of organizational illegal activities, including cybercrimes and the impact to the organization. Use technology and information resources to research issues in forensic accounting.
Several years ago the Haverford Company sold $1,000 par value bond that now has 25 years to maturity and an 8.00% annual coupon that is paid quarterly.
Determine the balance in the Finished Goods Inventory and compute the cost of goods manufactured for November
Review SOX mandates, and determine what protections are currently in place to protect whistle-blowers. Take a position on whether more employees would be willing to blow the whistle on corporate misbehavior due to the provisions for whistle-blower..
Explain the activity-based costing (ABC) and traditional two-stage method cost allocation for overhead. Why would a firm use activity-based costing (ABC) rather than traditional two-stage methods of cost allocation for overhead?
In 2013, it is determined that the total estimated life should be 10 years with a salvage value of $5,490 at the end of that time. Assume straight-line depreciation.
What is the amount of gain (loss) recognized by Rosa, Arvid, Pine, and Lodgepole on the organization?
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