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Your client, a physician, recently purchased a yacht on which he flies a pennant with a medical emblem on it. He recently informed you that he purchased the yacht and flies the pennant to advertise his occupation and thus attract new patients. he has asked you if he may deduct as ordinary and necesary business expenses the costs of insuring and maintaining the yacht. What steps are taken to find your answer?
1.an agent3939s authority may be actual or apparentexpress or implied.what do you understand by this statement?20mks
the final processing department in carols production facility began the year with no work in process inventories.
russell corporation sells three different models of mosquito zapper. model a12 sells for 54 and has variable costs of
a. on february 15 paid 190000 cash to purchase american generals 120-day short-term notes at par which are dated
harry was experiencing financial difficulties and could not make the mortgage payments on his home. the mortgage holder
in december 2008 ace consulting performed services for a customer for 12000 on account. on june 1 2009 after several
for each of the following items calculate the amount of revenue or expense that should be recognized on the income
andretti company has a single product called dak. the company normally produces and sells 60000 daks each year at a
management is attempting to maintain an overhead rate of 175 for an assembled product. the problem area is the
A machine costing $85,000 with a 5-year life and $5,000 residual value was purchased January 2, 2009. Compute depreciation for each of the five years, using the declining-balance method at twice the straight-line rate.
oakmont company has an opportunity to manufacture and sell a new product for a four-year period. the companys discount
wilder manufacturing manufactures two models of its banjo the basic and the luxury. the basic model requires 10000
The sausage system will save the firm $256,800 per year in pretax operating costs, and the system requires an initial investment in net working capital of $59,920.
kevin exchanges an office building used in business for one owned by charlene. the fmv of kevins building is 28000
the total of the individual customer account balances should equal the balance in accounts receivable which is
exotic aroma company buys bulk flowers and processes them into perfumes in a two-stage process. its highest-grade
understanding fixed and variable cost. briefly describe what happens to each of the volume increases. assume all values
on january 1 2001 mcarthur corp. sold land having a fmv of 300000 in exchange for a 5-year zero-interest bearing
what are the primary differences between a public charity and a private foundation? are the federal reporting
Jane and Bill have lived in a home Bill inherited from his parents. Their son Jim lives with them. Bill and Jane obtain a divorce during the current year. Under the terms of the divorce, Jane receives possession of the home for a period of five ye..
the financial statements of prosperous company appear below. all are in thousand rupiahs. you are also provided with
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