Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Chapter 6, Problem 5MCQ

Which of the following entities is required to report on the accrual basis?

  1. An accounting firm operating as a Personal Service Corporation.
  2. A manufacturing business with $30 million of gross receipts operating as a regular C corporation.
  3. A corporation engaged in tropical fruit farming in Southern California.
  4. A partnership with gross receipts of $13 million and all of the partners are individuals with a December year-end.

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Income summary shows a credit balance of 1,800,000 at the end of the first year of operations.1. By what amount will the capital balance of MAR182 be credited on January 1, 2018?2. By what amount will the capital balance of MAR186 be credited on January 1, 2018?3. How much is the total assets of the partnership at the date of formation?4. What is the net effect of the adjustments made on January 1 to MAR186 capital balance?5. What is the weighted average capital of MAR182 in 2018?6. How much is the bonus given to MAR186?7. How much is the share of MAR182 in the partnership net income?8. How much is the share of MAR186 in the partnership net income?9. What is the ending adjusted capital balance of MAR182?10. What is the ending adjusted capital balance of MAR186?
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