TAX FORM/RETURN PREPARATION PROBLEMC:3-63 Knoxville Musical Sales, Inc. is located at 5500 Kingston Pike, Knoxville, TN 37919. Thecorporation uses the calendar year and accrual basis for both book and tax purposes. It isengaged in the sale of musical instruments with an employer identification number (EIN)of 75-2008006. The company incorporated on December 31, 2002 and began […]
Question 1Kraft Enterprises owns the following assets at December 31, 2014.Cash in bankâsavings account 68,000 Checking account balance 17,000Cash on hand 9,300 Postdated checks 750Cash refund due from IRS 31,400 Certificates of deposit (180-day) 90,000What amount should be reported as cash?Cash to be Reported $Question 2Restin Co. uses the gross method to record sales made […]
THE ROLE OF THE INTERNATIONAL MARITIME ORGANISATION (IMO) TOWARDS MAINTAINING AND ENHANCING MARITIME SAFETY CHAPTER 1 – INTRODUCTION 1.1 Background Safety affects every elements of maritime industry in the world today, making it a very important factor. Gasparotti, Georgescu and Voiculescu (2008) established that safety in the maritime industry is very important and is one […]
1. Question: When common stock is issued at an amount greater than par value, the difference between the par value and the proceeds from the sale is recorded byYour Answer: crediting the common stock account debiting an additional paid-in capital account crediting the retained earnings account crediting an additional paid-in capital account2. Question: On January […]
Instructions: Please show all work or points will be taken off. Good luck!1. (25 points – 5 points each part)a. On the Colbert Report, March 17, 2008, Stephen Colbert makes fun of the fact that the unemployment rate fell even though less people are working (feel free to Google it). Using the formula for the […]
26. External decision makers would not look primarily to financial accounting information to Help them in making decisions on: A. Granting credit. B. Capital budgeting. C. Selecting stocks. D. Mergers and acquisitions. 27. Corporations issue their shares to the investing public in the: .png”> A. Option A B. Option B C. Option C D. Option […]
Required:⢠Use the following information to complete Paige Turner’s 2013 federal in-come tax return. If information is missing, use reasonable assumptions to fill in the gaps.Facts:1. Paige Turner is single and has two children from her previous marriage. Alilives with Paige, and Paige provides more than half of her support. Leif lives with his father, […]
Henry invest $50000 in an entity called Forward investment in January 202012. During 2012 in December 31 2012 he earned $9600. In January 2013 he hears a rumur that Forward Investment is not legitmate investment broker. On January 262013 Henry withdraws his investment receiving $60050 (the $50000 orginal investment plus $10050 in earning) In late […]
1. The following balance sheet information (in $ millions) comesfrom the Annual Report to Shareholders of MarriottInternational Inc. for the 2008 fiscal year. (Certain amounts have been replaced with question marks to test your understanding of balance sheets.) In addition you re provided with the following information from an analysis of Marriott s financial position […]
1. Which, if either, of the following statements is or are true? I. The co-ownership of business property, where only minimal services are provided by the owners for their tenants, generally constitutes a partnership for federal income tax purposes. II. As a general rule, when a person obtains an interest in partnership capital through rendition […]
