Question - Mark and Patricia report adjusted gross income of $410,000 and itemized deductions of $31,000 for the interest on their home acquisition mortgage (principal amount of $890,000 acquired in 2015), $14,000 in sta ...
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Question - On January 1, 2017, Desert, Co. rendered consulting services to Beach, Co. in exchange for a $100,000 non-interest-bearing note. The note matures on December 31, 2018. Principal and interest will be remitted a ...
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Question - Sanchez Consulting Company Mark Sanchez established Sanchez Consulting Company on September 1, 2018, as a backup plan since he is now a free agent and has been suspended for the first four games of the season. ...
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Question - Cartagena Corporation has net income of $281,000 for the year ended December 31, 2012 and common shares outstanding of 100,000. Cartagena Corporation did not issue or repurchase additional common shares during ...
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Question - On January 1, 2016, Company X had an inventory balance of $200,000. During the year, Company X had net purchases of $1,000,000 and net sales of $900,000. Historically, Company X's gross profit ratio has been 4 ...
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Question - X Company wants to estimate overhead costs in March, when production is expected to be 1,400 units. To determine the parameters of its overhead cost function, it used account analysis with the January cost inf ...
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Question - Nancy gives her grandson, Sean, 20 acres of land. Her tax basis in the land is $25,000. Nancy's marginal tax rate for the current year is 45%; her grandson's is 25%. Its fair market value was $575,000 at the d ...
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Question - a. Revenue of $62,000 was earned, but only $45,000 was collected. Expenses of $36,000 were incurred, but only $30,000 was paid. What is reported operating income? b. Wages of $5,000 are paid every Friday for a ...
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Question - On January 1, 2017, Pina Corporation purchased 333 of the $1,000 face value, 9%, 10-year bonds of Walters Inc. The bonds mature on January 1, 2027, and pay interest annually beginning January 1, 2018. Pina pur ...
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Question - Richard starts his own business in 2016 with $2,000 owner's capital. In 2016, he bought 10 textbooks at $1,000 and sold 5 of them at $600. There is no other transaction during 2016. What is the cost of goods s ...
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