Chapter 5- Exercises- Solutions- Excel File

Sh8 Please help me Solution Thankyou.

+ Q&A Library Thomas Gilbert and Susan Bradley form Thomas Gilbert and Susan Bradley formed a professional corporation called "Financial Services Inc.-A Professional Corporation," each taking 50 percent of the authorized common stock. Gilbert is a CPA and a member of the AICPA. Bradley is a CPCU (Chartered Property Casualty Underwriter). The corporation performs auditing and tax services under Gilbert's direction and insurance services under Bradley's supervision. One of the corporation's first audit clients was Grandtime Company. Grandtime had total assets of $600,000 and total liabilities of $270,000. In the course of his examination, Gilbert found that Grandtime's building, with a carrying value of $240,000, was pledged as collateral for a 10-year term note in the amount of $200,000. The client's financial statements did not mention that the building was pledged as collateral for the 10-year term note. However, as the failure to disclose the lien did not affect either the value of…

QUESTION 2 Calculate the Charity Deduction for a Corporation given the following: IBM stock held as an investment for 6 months to United Way which sold it immediately: Basis: $550,000 • FMV: $600,000

Please Explain Proper Step by Step and Do Not Give Solution In Image Format And Fast Answering Please Thanks In Advance ?

Sh14 Please help me.  Solution

Nicole organized a new corporation The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: Expense Attorney fees for articles of incorporation March 1-March 30 wages March 1-March 30 rent Stock issuance costs April 1-May 38 wages Note: Leave no answer blank. Enter zero if applicable. Answer is not complete. Date February 10 March 30 March 30 April 1 May 30 Problem 10-73 Part c (Algo) c. What amount can the corporation deduct as amortization expense for the organizational expenditures and for the start-up costs for year 1 [not including the amount determined in part (b))? Note: Round intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount. Start-up costs amortized Organizational expenditures amortized S 1,750 Amount $ 40,000 6,400 2.800 25,000 10,000

Subject : Accounting

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Total Allowable Deductions if Mr. Queen registered his business venture as a One Person Corporation

Can I get some help with these practice quesitons this is all the inforamtion I recieved to complete these practice questions.

Required information   [The following information applies to the questions displayed below.]   Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: (Leave no answer blank. Enter zero if applicable.)   Expense Date Amount Attorney fees for articles of incorporation February 10 $ 32,000 March 1–March 30 wages March 30   4,500 March 1–March 30 rent March 30   2,000 Stock issuance costs April 1   20,000 April 1–May 30 wages May 30   12,000         a. What is the total amount of the start-up costs and organizational expenditures for Nicole's corporation?

Problem 11-54 (LO 11-4) (Algo) Harry, Hermione, and Ron formed an S corporation called Bumblebore. Harry and Hermione both contributed cash of $34,300 to get things started. Ron was a bit short on cash but had a parcel of land valued at $84,600 (basis of $68,600) that he decided to contribute. The land was encumbered by a $50,300 mortgage. What tax bases will each of the three have in his or her stock of Bumblebore? Tax Basis Harry Hermione Ron

25. Shareholder loans $150,000 to his controlled corporation not evidenced by a note. a. b. c. d. e. f. Does the shareholder report interest income (Yes/No) _______________What Code Section §_______________What if anything does Corp. X report (2-3 words) _______________________________ How is interest computed (4 – 10 Words) ______________________________________ Code Section for Part d above §_______________What is the name for this type of debt _________________ g.interest (3 words) _________________________

pls need help hank yo

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aa Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: (Leave no answer blank. Enter zero if applicable.)   Expense Date Amount Attorney fees for articles of incorporation February 10 $ 32,000 March 1–March 30 wages March 30 4,500 March 1–March 30 rent March 30 2,000 Stock issuance costs April 1 20,000 April 1–May 30 wages May 30 12,000   b. What amount of the start-up costs and organizational expenditures may the corporation immediately expense in year 1 (excluding the portion of the expenditures that are amortized over 180 months)?