QUESTION 9 Ajax Computer Company is an cash-method calendar-year taxpayer. Ajax has never advertised in the national media prior to this year. In November of this year, however, Ajax paid $500,000 for television advertising time during a professional golf tournament in April of next year. In addition, in November of this year the company paid $1,000,000 for a one-year-long advertising campaign to begin in April of next year. What amount of these payments, if any, can Ajax deduct this year? O$1 million, O $500,000 O$1.5 million O $1.5 million only if the professional golf tournament is played before April 15 No deduction can be claimed this year

QUESTION 9 Ajax Computer Company is an cash-method calendar-year taxpayer. Ajax has never advertised in the national media prior to this year. In November of this year, however, Ajax paid $500,000 for television advertising time during a professional golf tournament in April of next year. In addition, in November of this year the company paid $1,000,000 for a one-year-long advertising campaign to begin in April of next year. What amount of these payments, if any, can Ajax deduct this year? O$1 million, O $500,000 O$1.5 million O $1.5 million only if the professional golf tournament is played before April 15 No deduction can be claimed this year

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
Num.10