SWFT Corp Partner Estates Trusts
42nd Edition
ISBN: 9780357161548
Author: Raabe
Publisher: Cengage
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A67. What is the chronological order in the evaluation of a typical standard?
A. Discussion paper, Exposure draft and Standard.Page 13 of 17B. Exposure draft, Discussion paper and Standard.C. Exposure draft, Standard and Discussion paper.D. Standard, Discussion paper, and Exposure draft.
Hansen Corporation. a C Corporation (mot a manufacturer) reports the
following items in income and expenses for 2021
Gross Revenue
$900,000
Dividend Received from 30% owned Corp 200,000
LTCG
30,000
STCL
12000
City of Lee's Summit Bond Interest
10000
COGS
375000
Administrative Expenses
325000
Charitable Contribution
60,000
Compute Hansen's C Corp Taxable income?
a. 100,000b. 124,961c. 209,400d. 261,669e. answer not given
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- 6:41 + Module1_PPE... Tel Nos.: (+63 43) 980-0385; 980-0387; 980-0392 to 94; 425-7158 to 62 loc. 1546/1822 Email Address: president@g.batstate-u.edu.ph Website Address: http://www.batstate-u.edu. Problem 23-15 (AICPA Adapted) On December 31, 2020, Bart Company purchased a machin, in exchange for a noninterest bearing note requiring eight payments of P200,000. The first payment was made on December 31, 2020 and the others are due annually on December 31. At date of issuance, the prevailing rate of interest for thi, type of note was 11%. PV of an ordinary annuity of 1 at 11% for 8 periods 5.146 PV of an annuity of 1 in advance at 11% for 8 periods 5.712 1. What amount should be recorded as initial cost of the machine? a 1,600,000 b. 1,029,200 c. 1,400,000 d. 1,142,400 2. What is the discount on note payable on December 31, 2020? a. 657,600 b. 457,600 c. 570,800 d. 3. What is the interest expense for 2021? a. 125,664 b. 103,664 c. 113,212 d. 176,000 4. What is the carrying amount of note…arrow_forwardOp.0011.arrow_forwarda. P128.00 b. P129.70 c. P130.00 d. P131.70 e. answer not givenarrow_forward
- for each of following citations, identify the type of authority (Statutory, administrative, or judicial) and explain the citation. 1.111-1 IRC 469 (c)(7)(B)(i) Rul 82-204, 1982-2 C.B. 192 Amdahl Corp., 108 TC 507 (1997) PLR 9727004 Hills v. Comm’r, 50 AFTR2d 82-6070 (11th, 1982)arrow_forwardd. The Robert Haag case cites the 2002 Ewing case at 94 A.F. T. R. 2nd 2004-6667. What is the Haag case’s treatment of the Ewing case?arrow_forward1. see image for the question and statmentchoices: a. 176,000b. 263,000c. 204,000d. 321,000arrow_forward
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