(The following information applies to the questions displayed below.] Lone Star Company is a calendar-year corporation, and this year Lone Star reported $115,000 in current E&P that accrued evenly throughout the year. At the beginning of the year, Lone Star's accumulated E&P was $13,800. At the beginning of the year, Lone Star's sole shareholder was Matt McCon. Lone Star declared $34,500 in cash distributions on each of the following dates: March 31, June 30, September 30, and December 31. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) b. Suppose that Matt sold half of his shares to Chris Coop on June 1st for $47,500. How much dividend income will Matt recognize this year? Dividend recognized

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Q: Sagar Manufacturing Ltd. manufactures 2 products A, B. Also there are 2 activities (Quality Checks a...

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A: 1) Sales of P 5500000 Less: merchandise ahipped to S at cost plus 25% (800000 x 125%) (1000000)...

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A: The rights of the investment holding to other companies are determining the the percentage of voting...

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Q: At the end of 2020, Crown Point Corp. has accounts receivable of $479,200 and an allowance for doubt...

A: Date Account Titles and Explanation  Debit   Credit  Mar'4 Accounts Receivable  $ 11,600     All...

Q: If the excel spreadsheet looked like this how would you set it up?

A: Budgeted Income Statement The purpose of preparing the budgeted income statement which knows the det...

Q: Bulldogs Inc., a corporation that can only legally issue ordinary shares with par value, recently co...

A: New par value per share = Current par value per share x 1/ stock split ratio where, Current par valu...

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A:  Month Projected Sales Amount June $100000 July $90000 August $70000

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Q: Calculate the retained earnings of P Company immediately after the combination:

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Q: 3. (0, 5, or 10) American corn farmers receive billions of dollars in taxpayer subsidies each year. ...

A: Introduction:- A subsidy, often known as a government incentive, is a type of financial help or supp...

Q: NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a dep...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

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A: Following is the correct option.

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Q: How can the separate entity concept benefit the owner and the business

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.