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After applying the net operating losses for 2008, 2011 and 2012 to prior years ( if and where permitted), what amount, if any, is available as a net operating loss to be carried forward to future ye
Prepare a letter to Smith Manufacturing's management. In the letter identify some of the concerns you may have regarding the purchase. For example; How are the assets valued? Is there goodwill? Will
Kris will receive $800 a month for the next 5 years from an insurance settlement. The interest rate is 4 percent, compounded monthly, for the first 2 years and 5 percent, compounded monthly, for the
Myles Company budgeted 10,500 pounds of direct materials costing $23.50 per pound to make 5,300 units of product. The company actually purchased 11,000 pounds of direct materials costing $25.00 per
What does the variable overhead efficiency variance tell management?
Which of the following is not an advantage of post-audits of capital investments?
To what years can the 2008,2011 and 2012 net operating losses be carried back? (show amount of carryback and years involved)
What income and deductions will Monte and Allie report from Raider's current year activities?
Assuming that Susan has a marginal tax rate of 30%, the net effect of her having this hobby will be to increase her total tax liability by:___________________.
Thad then sells the machine on October 5, 2012 for $80,000. Compute Thad's depreciation deductions for 2010 through 2012, the adjusted basis of the machine on October 5, 2012, and the gain or loss o
Luby Corporation acquires a 100% business use automobile (MACRS 5-year recovery) on July 1, 2010 for $36,000. Luby does not elect Sec. 179, but the company otherwise desires to claim the maximum MAC
a. How would Vicki's assets be recorded for tax purposes by Palm Corporation b. What is the amortization amount for each intangible asset in the current year?
This machine is the sole depreciable asset she placed in service in 2012. Assume that both Section 179 expense election depreciation and 50% bonus depreciation do not apply. Compute Samantha's depre
John, the secured party, perfects its security interest by filing a financing statement. What is the effect of perfection of John's security interest?
Alpha Company offers to sell Beta, Inc., 1,000 computers for a $1 million, states that the offer will be open for six days, and asks for a response by fax. On the fourth day, Beta sends an acceptanc
Pat, a world famous musician and composer, agrees to give ten piano lessons to Quinn in exchange for $1,000. Pat's attempt to delegate his contract to Ruth, an inexperienced pianist, will probably b
Mary promises to pay her assistant Ned $10,000 in consideration of the services he provided over the years. Mary never pays Ned. Mary is:
On November 2, 201 at 3:00 p.m., Zena sent an acceptance by overnight mail. It did not reach Ted until November 5, 2011. Ted refused to complete the sale to Zena. Is there an enforceable contract?
Nora enters into a contract with Owen's Transport Company for the delivery of a shipment of fresh produce. If ambiguities appear in the contract, they will be construed against
Holly writes a check on her account at Investment Bank to Jerry to pay a debt. Jerry negotiates the check by indorsement to Kelly, who negotiates the check by indorsement to Lisa, who presents it fo
In determining whether the consideration requirement to form a contract has been satisfied, the consideration exchanged by the parties to the contract must be:
A party who filed a financing statement covering inventory on April 1, 2012 would have a superior interest to which of the following parties?
On July 27, 2012 Summerson sent Fallson a letter offering to sell Fallson a vacation home for $150,000. On August 2, 2012 Fallson replied by mail agreeing to buy the home for $145,000. Summerson did
Carlton executed and delivered to Raymond a $1,000 negotiable note payable to Raymond or bearer. Raymond then negotiated it to Fred and endorsed it on the back by merely signing his name. Which of t
The company has just received a special one-time order for 600 medals at $102 each. For this particular order, no variable selling and administrative costs would be incurred. This order would also h