Entries by Hannah Wangui

On January 1, 2016, Leo Company purchased 80 percent of Natalie Company’s capital stock for $584,000 in cash

March 13, 2020 in /by

On January 1, 2016, Leo Company purchased 80 percent of Natalie Company’s capital stock for $584,000 in cash and other assets. Natalie had a book value of $700,000 and the 20 percent noncontrolling interest fair value was $146,000 on that date. On January 1, 2015, Natalie had acquired 30 percent of Leo for $354,250. Leo’s […]

 

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Freeze Company developed a specialized banking application software program

March 13, 2020 in /by

Freeze Company developed a specialized banking application software program that it licenses to various financial institutions through multiple-year agreements. On January 1, 2018, these licensing agreements have a fair value of $870,000 and represent Freeze’s sole asset. Although Freeze currently has no liabilities, the company has a $150,000 net operating loss (NOL) carryforward because of […]

 

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The IRS has been challenging owners of S-Corps over the issue of salaries that are paid and the corresponding

March 13, 2020 in /by

The IRS has been challenging owners of S-Corps over the issue of salaries that are paid and the corresponding employment taxes. What are some strategies to mitigate these issues? Based on the article Glass Blocks Unlimited v Commissioner of Internal Revenue to support the response   Looking for a Similar Assignment? Order now and Get 10% Discount! […]

 

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Fill in the blanks Revenues !

March 13, 2020 in /by

Fill in the blanksRevenues !500 Variable costs ______ Fixed costs 400 Total costs______ Operating income ______ Contribution Margin Percentage 40% Fill in Variable costs. Total Costs, and Operating income using the Cost-Volume Profit model Thats the question IF YOU CAN”T ANSWER THIS SIMPLE QUESTION I WANT MY MONEY BACK CVP computations. Fill in the blanks […]

 

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