S treasury notes municipal bonds total interest 18000

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Unformatted text preview: . for the year ended December 31, 1993. ∙ Keyman life insurance premiums A. B. C. D. E. F. G. H. I. J. K. L. M. N. O. P. Q. R. $0 $1,000 $1,400 $1,800 $2,100 $2,700 $3,000 $5,000 $8,000 $21,570 $98,000 $200,000 $214,000 $300,000 $700,000 $1,000,000 $(13,430) $(14,550) CPA-04324 Explanation Choice "A" is correct. $0. Keyman life insurance premiums are not deductible to the beneficiary. CPA-04346 Type1 M/C A-R Corr Ans: M PM#47 R 3-99 75 © 2009 DeVry/Becker Educational Development Corp. All rights reserved. Maxixishere Pdf Collection Becker CPA Review, PassMaster Questions Lecture: Regulation 3 141. CPA-04346 PII May 92 #5 (Adapted) 6 Page 3 Following is Ral Corp.'s condensed income statement, before federal income tax, for the year ended December 31, 1993: Sales Cost of sales Gross profit Operating expenses Operating income Other income (loss): Interest Dividends Net long-term capital loss Income before federal income tax $1,000,000 (700,000) 300,000 (220,000) 80,000 $5,200 19,200 (6,400) Additio...
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This note was uploaded on 06/14/2013 for the course ACCOUNTING Regulation taught by Professor Becker during the Fall '10 term at Keller Graduate School of Management.

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