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Guay Corp a start up company provided services that were acceptable to its customers and billed those customers for $350,000 in 2012. However, Guay collected only $280,000 cash in 2012 and the remaining $70,000 of 2012 revenues were collected in 2013. Guay employees earned $200,000 in 2012 wages that we'd not paid until the first week of 2013. How much net income does Guay report for 2012?for 2013 (assuming no new transactions)?
Wyoming Coal Company is interested in buying a machine for $40,000, which it will depreciate uniformly over a four-year period. An analysis of the life expectancy of such machines
Ask question #Minimum 100 words ac5) ABLE, inc. and The CAPITAL Corporation form a general partnership. Capital provides 90% of the cash. Able provides 100% or the partnerships man
83. Dawn Taylor is currently employed by the state Chamber of Commerce. While she enjoys the relatively short workweeks, she eventually would like to work for herself rather than f
The following fictitious information is provided for the ACCY 171 Spring 2013 Corporation Income Tax Return Project. Pharq Weston and Jeremy LeClair formed Modern Concepts, Inc., a
A fund that is managed by a trust company or a bank and deals with pooled collection of trust accounts. Collective investment funds combine together the assets of several individua
Justin's parents operate a restaurant business through a family trust, The Pepper Family Trust, which had the following receipts and expenses for the year ended 30 June 2011 (the b
On December 1 of the current year, Plen Limited purchased a franchise for $70,000.The franchise has a limited life of 15 years. Which one of the following amount represents the max
How long should receipts be kept?
Amy R. and David T. Smith are married and live at 123 Main Street, Stafford, VA 22554. Dave is self-employed as a web developer and Amy is a commercial refrigeration sales represen
Calculate the cost of preferred stock (r PS ) with the given information: Par Value = $200 Current Price = $208 Flotation Cost = $16 Annual Dividend = 12% of Par
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