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A sales invoice included the following information: merchandise price, $5,000; freight, $900; terms 1/10, n/eom, FOB shipping point. Assuming that a credit for merchandise returned of $700 is grante
Jennifer is a cash-basis taxpayer. Which doctrine will most likely limit Jennifer's ability to choose the year in which to recognize income?
Assuming that Spiller made 3,400 units of product and sold 3,060 of them during the month of September, determine the amount of payroll cost that would be included in cost of goods sold.
A few years ago, Gabriel and Olga formed a partnership called "GO." Which of the following is TRUE regarding the U.S. income taxation of Gabriel, Olga and GO?
What is Irma's Taxable Income for 2013? Assume she is 45 years old and is single and has no dependents. Assume further that Irma's AGI is $100,000 and that she made a charitable contribution of $1,0
XYZ plating makes a product where fixed costs are $7,500 per year and it has a variable cost of $30 per unit. It can make 400 units a year and sell them for $100 each.
What is Pavlina's taxable income for 2013? Assume she is single and claimed TWO dependent children, Andrew and Alexander. Assume further that Pavlina's AGI is $100,000 and that her itemized deductio
In 2013, Dave, age 15, will have $200 of interest from a certificate of deposit and $4,000 from performing landscaping services. Assume Dave is claimed by his parents as a dependent. What is Dave's
Carol received a gift of stock from her favorite uncle. The stock had a fair market value of $30,000 and a basis to the uncle of $10,000 at the date of the gift. How much is taxable to Carol from th
Ohn and Elaine, ages 29 and 28, are married and file a joint return. In addition to having TWO dependent children (Jacqueline and Jesse), John and Elaine have adjusted gross income ("AGI") of $90,00
On January 6, 2013, Indenture Corporation paid property taxes on its factory building for the calendar year 2013 in the amount of $300,000. Indenture estimates that total depreciation expense for th
During 2013, Warner Company earned net income of $750,000 which included depreciation expense of $90,000. In addition, the company experienced the following changes in account balances:
Selected information from Marin Corporation's 2013 accounting records is as follows: Proceeds from issuance of common stock, $1,000,000; Proceeds from issuance of bonds, $2,200,000;
Also, the salvage value was re-estimated to be $5,500. Straight-line depreciation was used throughout the machine's life. Calculate the depreciation expense for the fourth year of the machine's usef
Selected information from Core Corporation's 2013 accounting records is as follows: Proceeds from sale of land, $115,000; Proceeds from long-term borrowings,
In 2007, John (a single taxpayer) loaned $10,000 to his friend Gregory. In 2013, Gregory declared bankruptcy, with the result that the debt became totally worthless. How should John treat the loss r
Dave wants to take the largest possible tax deduction in 2013 relating to the equipment. Compute the largest tax deduction possible in 2013 for the equipment (consider the Section 179 election, Bonu
On January 1, 2011, Gazelle Corporation acquired machinery at a cost of $700,000. Gazelle adopted the double-declining balance method of depreciation for this machinery and had been recording deprec
On August 5, 2013, Pavlina purchased a new office building for $2 million. On October 3, 2013, she began to rent out office space in the building. What is Pavlina's cost recovery for 2013?
Jacqueline Corporation acquired new office furniture on July 13, 2013, for $80,000. Jacqueline did not elect immediate expensing under Section 179. Jacqueline also elects not to take the additional
Olsen, Inc. sponsors a defined-benefit pension plan. The following balance sheet data relates to the plan on December 31, 2013: Plan assets (at fair value), $1,250,000; Accumulated benefit obligatio
Assume that a wholesaler purchased goods from a manufacturer for £34.50 (gross price), the VAT is 15% and the VAT paid by the manufacturer was £4.50. The markup on the merchandise is &po
Barton, Inc. sponsors a defined-benefit pension plan. The following data relates to the plan for 2013: Contributions to the plan, $350,000; Service cost, $450,000; Interest on projected benefit obli
Oakmont, Inc. is a publicly traded corporation that follows generally accepted accounting principles. Oakmont has a defined benefit pension plan in place for its employees. Which measures should Oak
Assume that Lewis International sells running shoes to a British importer on June 1 and the sale is denominated at £75,000 and will be collected on July 15th. At the same time, Lewis Internati