ACCT 424 Entire Course + Final Exam (Updated)
Arnold92
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  • Reads 5
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Arnold92
Ongoing, First published Mar 16, 2017
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ACCT 424 Entire Course + Final Exam (Updated)

Click on the link below to get Entire Course
https://devryfinalexams.com/product/acct-424-midterm-exam-updated/
1. (TCO 2) For the current year, Kelly Corp. had net income per books of $300,000 before the provision for federal income taxes. Included in the net income were the following items:
Dividend income from an unaffiliated domestic taxable corporation (taxable income limitation does not apply and there is no portfolio indebtedness) $50,000.
Bad debt expense (represents the increase in the allowance for doubtful accounts) $80,000.
Assuming no bad debt was written off, what is Kelly's taxable income for the current year? (Points : 5)
$250,000
$330,000
$345,000
$380,000
Question 2. 2. (TCO 2) Which statement is incorrect with respect to the treatment of net operating losses by corporations? (Points : 5)
A corporation may elect to forgo the carryback period, and just carry forward an NOL.
A corporation may claim dividends received deduction in computing an NOL.
An NOL is generally carried back 2 years and forward 20 years.
Unlike individuals, corporations do not adjust their NOLs for net capital losses or nonbusiness deductions.
None of the above
Question 3. 3. (TCO 1) Ilene and Frank form Happy Corporation. Ilene transfers equipment worth $475,000 (basis of $100,000) and $25,000 cash to Happy Corporation for 50% of its stock. Frank transfers a building and land worth $525,000 (basis of $200,000) for 50% of Happy's stock and $25,000 cash. Discuss the result of these transfers. (Points : 5)
Ilene recognizes a gain of $375,000; Frank recognizes a gain of $325,000.
Ilene recognizes a gain of $25,000; Frank recognizes no gain.
Neither Ilene nor Frank recognizes gain.
Ilene recognizes no gain; Frank recognizes a gain of $25,000.
None of the above

ACCT 424 Entire Course + Final Exam (Updated)

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Wendizzy's Writer Room cover

Wendizzy's Writer Room

2 parts Ongoing

In this book, you'll get a behind the scenes look at how your favorite characters were born, my creative process, and the dirty details never before revealed. Tex's Camp Q&A: Come sit by the fire and ask me whatever you'd like. We can roast marshmallows, tell scary stories, and hang out in the comments like a big, happy family. Gator's Backstage Pass: A place full of secrets. Learn the-sometimes embarrassing-details on how my wildest scenes came to life, facts about the characters, the process, and myself.

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