12. (TCOs 2 & 11) Judy, a calendar year cash basis taxpayer, owns and operates several TV rental outlets in

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12. (TCOs 2 & 11) Judy, a calendar year cash basis taxpayer, owns and operates several TV rental outlets in

North Carolina and wants to expand into the TV rental business in South Carolina and Georgia. During 2009, she spends $30,000 to investigate TV rental businesses in South Carolina and $15,000 to investigate TV rental businesses in Georgia. She acquires the South Carolina operations, but not the outlets in Georgia. As to these expenses, Judy should: (Points : 5)

amortize $30,000 over 60 months and capitalize $15,000.

expense $45,000 for 2009.

expense $15,000 for 2009 and capitalize $30,000.

capitalize $45,000.

None of the above

 
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What are temporary differences? What gives rise to temporary differences?

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What are temporary differences? What gives rise to temporary differences? Some accountants believe that deferred

taxes should be recognized only for some temporary differences. The FASB requirement states that deferred taxes should be recognized for all temporary differences. Who do you agree with, and why?

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In recent years, companies have reduced what they offer for retiree health benefits, eliminated them

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In recent years, companies have reduced what they offer for retiree health benefits, eliminated them, or reduced

their contributions toward these benefits. Why?

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What is the purpose of the shareholders equity section of the balance sheet? Why do companies issue a dividends?

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What is the purpose of the shareholders equity section of the balance sheet? Why do companies issue a dividends?

How does the issuance of dividends affect the shareholders equity section of the financial statement?

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