the three preceding years. Farmers are also granted special treatment in regard to the year income must be reported following a natural disaster or drought. 6. In December 2011‚ Nell‚ a cash basis taxpayer‚ paid insurance premiums of $12‚000 on rental property for the period February 1‚ 2012 through January 31‚ 2013. How much of the premiums can Nell deduct in 2011? None of the insurance premiums paid of $12‚000 can be deducted in 2011. The prepayment period extends beyond the tax year following
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Chapter 19: Accounting for Income Taxes Fundamentals of Accounting for Income Taxes * Intro * Pretax Financial Income- income before taxes‚ income for financial reporting purposes‚ income for BOOK purposes * Determine according to GAAP * Taxable Income- amount used to compute income taxes payable * Determine using Internal Revenue Code (tax code) * Differences arise for a simple reason‚ for financial reporting purposes companies use the full accrual
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company in the American way. He did not investigate the local laws and cultures to see what‚ if any differences there would be in areas of sales and employment. He did not consider local taxing rules where foreigners have to have special visas and taxes are paid to maintain and keep those visas. He obviously does not understand that the cultural attitudes toward work are not the same as in the United States. The "walk about" person is not unusual and should not be dismissed out of hand. The laws in
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consider‚ the biggest perhaps are whether the raw materials are available and are they the right price. Also‚ what are the overhead costs such as renting a facility in which to opperate as well as the price of labor‚ utilities and equipment rental. In addition taxes and tarrifs should be paid close attention as well as followed closely. Lastly‚ because this is a high tech firm who most likey creates advanced products the workforce would need to be well educated and trained to do the job properly.
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transportation‚ port charges 185.47 Repairs to plant‚ machinery 25.62 Power & Fuel 214.52 Insurance 21.44 Lease Rentals in respect of Plant & Machinery 8.84 Depreciation 382.60 Work Cost(Gross) 9337.22 Opening WIP 793.91 Less: Closing WIP 651.93 141.98 Works Cost(Net) 9479.20 12540.48 Administrative Overheads Salaries 323.99 Repairs to building 20.37 Rent 9.37 Rates & Taxes 22.16 Total Cost 375.89 12916.37 Add: Opening Finished Goods Add:
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Name: __________________________ Fall 08 Test 3 Accounting 3312 25 points 1. Deferred income taxes. Earl Co. at the end of 2007‚ its first year of operations‚ prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income $ 750‚000 Estimated expenses deductible for taxes when paid 1‚200‚000 Extra depreciation (1‚350‚000) Taxable income $ 600‚000 Estimated warranty expense of $800‚000 will be deductible in 2008‚ $300‚000 in 2009‚ and
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DEFINITION Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Economics may be defined as a science that deals with the activities of man in obtaining wealth for the satisfaction of his wants. Economics is the art of making a living. Economics is the proper allocation and efficient use of available resources for the maximum satisfaction of human wants. Economics is the branch of social science
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different point (because if affect me too much). In our hearts‚ we all know that the ONLY way to stop the growth in the federal debt is to stop spending more money than the government receives. Thus‚ me must reduce government spending AND increase taxes. The plan is as simple as that. One of the primarily reasons to reduce the federal debt is to simply reduce
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Humans have been building stadiums for thousands of years. In fact‚ many stadiums today are modeled similarly to the Colosseum‚ which dates back all the way to ancient Rome. Back in ancient Rome‚ stadiums were not as controversial as today‚ because many now are funded with the help of taxpayers. The debate over the public financing of sports stadiums has been going on for decades between team owners‚ fans‚ local authorities‚ and taxpayers. While sports teams and their owners argue that new stadiums
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GDP 4. Consultancy fee of a US scientist working in the Philippines. GNP 5. Salaries of overseas Filipinos in Hong Kong. GNP 6. Profits of San Miguel in Hong Kong. GDP 7. Profits of US shareholder of Intel Philippines. GNP 8. Rental income of a Filipino who owns an apartment in the US.
Free Gross domestic product Government spending Inflation