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The bonds are sold on November 1, 2011 at 103 plus accrued interest. Amortization was recorded when interest was received by the straight-line method (by months and round to the nearest dollar). Pr
On November 7, 2010, Melissa sold the 50 shares received on October 15, 2010. What is the basis of the 50 shares Melissa sold on November 7, 2010?
Pat purchased a used five-year class asset on March 15, 2009, for $60,000. He did not elect § 179 expensing. Determine the cost recovery deduction for 2009 for earnings and profits purposes.
he works weekdays in Boise and returns home on weekends. He spends $410 returning to Salt Lake City but would have spent $390 had he stayed in Boise for the weekend. As to the weekend trips, how muc
If a taxpayer has tentative AMT of $60,000 and AMT of $15,000, what is the regular income tax liability?
Phil is advised by his family physician that his dependent son, Tony, needs surgery for a benign tumor in his leg. Phil and his son travel to Rochester, Minnesota, for in-patient treatment at the Ma
The accounting concept or principle applied when the cost of short-term marketable securities is adjusted to market value is:
Amy works as an auditor for a large major CPA firm. During the months of September thru and November of each year, she is permanently assigned to the team auditing Garnet Corporation.
Assuming unit materials costs of $3 and unit conversion costs of $6, what are the costs to be assigned to the units (a) transferred out and (b) in ending work in process?
Erin owns a mineral property that had a basis of $10,000 at the beginning of the year. The property qualifies for a 15% depletion rate. Gross income from the property was $120,000 and net income bef
By how much could advertising be increased with profits remaining unchanged? Do not prepare an income statement; use the incremental analysis approach.
Michael is the city sales manager for "Chick-Stick," a national fast food franchise. Every working day, Michael drives his car as follows:
On September 3, 2008, Able purchased § 1244 stock in Red Corporation for $6,000. On December 31, 2008, the stock was worth $8,500. On August 15, 2009, Able was notified that the stock was worth
Andrea's Hobbies produces and sells a luxury animal pillow for $40.00 per unit. In the first month of operation, 3,000 units were produced and 2,250 units were sold. Actual fixed costs are the same
Diane purchased a factory building on November 15, 1993, for $5,000,000. She sells the factory building on February 2, 2009. Determine the cost recovery deduction for the year of the sale.
Gains and losses on the purchase and resale of treasury stock may be reflected only in:
Foster Corporation issued a $100,000, 10-year, 10 percent bond on January 1, 2010, for $112,000. Foster uses the straight-line method of amortization. On April 1, 2013, Foster reacquired the bonds f
On June 1, 2009, Irene places in service a new automobile that cost $21,000. The car is used 70% for business and 30% for personal use. (Assume this percentage is maintained for the life of the car.
The predetermined overhead rate ($18.50 per direct labor hour) is based on expected volume of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead c
Determine Tonya's adjusted gross income for the current year.
On June 1, 2009, Anita pays the entire real estate tax of $7,300 for the year ending December 31, 2009. How much of the property taxes may Julio deduct?
During the year $45,000 was paid to settle warranty claims. As a result of these transactions, what is the amount of warranty expense for the year and what is the ending balance in Warranty Payable.
In calculating Elizabeth's net operating loss, and with respect to the above amounts only, what amount must be added back to taxable income (loss)?
Compute the taxable income for 2009 for Marvin on the basis of the following information. His filing status is single. salary $80,000 interest income from bonds issued by the City of Sacramento 2,00