Question & Answer

Heather in an attorney who paid $15,000 to join a country club in order to meet potential clients. This year she also paid $4,300 in greens fees when golfing with clients and an additional $1,700 paid by Heather for meals with clients in the clubhouse. Under what circumstances, if any, can Heather deduct all or part of the $21,000 paid to the country club this year?

Define epitaxial deposition.

1.       : What are some specific tips that you would give a new manager for building trust with subordinates? With other managers?

Compare and contrast the tax treatment for rental income received in advance with advance payments for goods and services.

The Buildings account of Postera Inc. includes the following items that were used in determining the basis for depreciating the cost of a building. (a) Organization and promotion expenses. (b) Architect’s fees. (c) Interest and taxes during construction. (d) Interest revenue on investments held to fund construction of a building. Do you agree with these charges? If not, how would you deal with each of the items above in the corporation’s books and in its annual financial statements?

Lebron Co. owns most but not all of the shares of its subsidiary Bryant Inc. Lebron reported net income of $124,700. The amount to be attributed to the noncontrolling interest in Bryant is $30,000. Indicate how Lebron will report the noncontrolling interest in its income statement.

Compare the relative merits of banning certain types of market structure with banning certain types of market behaviour.

Tim is a plumber who joined a barter club.  This year Tim exchanges plumbing services for a new roof.  The roof is properly valued at $2,500, but Tim would have only billed $2,200 for the plumbing services.  What amount of income should Tim recognize on the exchange of his services for a roof?  Would your answer change if Tim would have normally billed $3,000 for his services?

Assume a financial institution has more rate-sensitive liabilities than rate-sensitive assets. Would it be more likely to be adversely affected by an increase or a decrease in interest rates? Should it purchase or sell interest rate futures contracts so as to hedge its exposure? (LO2)

In a wire EDM operation performed on 7-mm-thick C1080 steel using a tungsten wire electrode whose diameter = 0.125 mm, past experience suggests that the overcut will be 0.02 mm, so that the kerf width will be 0.165 mm. Using a discharge current = 10 amps, what is the allowable feed rate that can be used in the operation? Estimate the melting temperature of 0.80% carbon steel from the phase diagram of Figure 6.4.

How would you interpret a large increase in the CBOE volatility index (VIX)? Explain why the VIX increased substantially during the Covid-19 pandemic in 2020. (LO5)

Kenoly Corporation owns a patent that has a carrying amount of $300,000. Kenoly expects future net cash flows from this patent to total $210,000. The fair value of the patent is $110,000. Prepare Kenoly’s journal entry, if necessary, to record the loss on impairment.

1. Would it be possible for an economy to function without a central bank? 2. What effect would a substantial increase in the sale of government bonds and Treasury bills have on interest rates?

Using the IS/MP framework illustrate how the financial accelerator affects the extent of the rise in output following a positive demand-side shock.

Campbell’s tax return was audited because she failed to report interest she earned on her tax return.  What IRS audit selection method identified her tax return?

Sustainability disclosures; management accounting tools Search the newspapers/web to find examples of Australian companies disclosing their sustainability practices using management accounting information or tools such as the balanced scorecard. Provide a report on your findings.             (LO 1 and 4)

Parsons Inc. has proposed a change from the completedcontract to the percentage-of-completion method for financial reporting purposes. The auditor indicates that a change would be permitted only if it is to a preferable method. What difficulties develop in assessing preferability?

A taxpayer is planning to stay in their second home for the entire month of September but not any other days during the year. They would like the home to fall into the residence-with-significant-rental-use category for tax purposes. What is the maximum number of days they can rent out the home and have it qualify?

State the generally accepted accounting principle applicable to balance sheet valuation of each of the following assets. (a) Trade accounts receivable. (b) Land. (c) Inventories. (d) Trading securities (common stock of other companies). (e) Prepaid expenses.

What does the term size effect mean in metal cutting?

Briefly describe the origin of the Federal Reserve System. Describe the functions of the Fed district banks. (LO1)

On November 10 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,200,000; $300,000 was allocated to the basis of the land, and the remaining $900,000 was allocated to the basis of the building.  a. Using MACRS, what is Javier’s depreciation deduction on the building for years 1 through 3? b. What would be the year 3 depreciation deduction if the building was sold on August 1 of year 3? c. Answer the question in part (a), except assume the building was purchased and placed in service on March 3 instead of November 10. d. Answer the question in part (a), except assume that the building is residential property. e. What would be the depreciation for 2024, 2025, and 2026 if the property were nonresidential property purchased and placed in service November 10, 2007 (assume the same original basis)?

Jeremy earned $100,000 in salary and $6,000 in interest income during the year.Jeremy has two qualifying dependent children who live with him. He qualifies to file as head of household and has $17,000 in itemized deductions.Neither of his dependents qualifies for the child tax credit. a. Use the 2017tax rate schedules to determine Jeremy’s taxes due.

What is glazing in traditional ceramics processing?

Why are abrasive processes technologically and commercially important?