Skysong Corp. has 149,550 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,220,400. Additional transactions not considered in the $1,220,400 are as follows. 1. 2. In 2020, Skysong Corp. sold equipment for $37,000. The machine had originally cost $84,800 and had accumulated depreciation of $32,200. The gain or loss is considered non-recurring. 2.The company discontinued operations of one of its subsidiaries during the current year at a loss of $197,000 before taxes. ssume that this transaction meets the criteria for discontinued operations. The loss from operations of the discontinued subsidiary was $94,300 before taxes; the loss from disposal of the subsidiary was $102,700 before taxes. 3.An internal audit discovered that amortization of intangible assets was understated by $36,000 (net of tax) in a prior period. The amount was charged against retained earnings. 4.The company recorded a non-recurring gain of $126,200 on the condemnation of some of its property (included in the $1,220,400)

The text states that the committee “expects inflation to rise gradually toward 2% over the medium term as the labor market improves further….” why would the fomc expect inflation to rise because of improvements in the labor market?

Management discovers that a supervisor at one of its restaurant locations removes excess cash and resets sales totals throughout the day on the point-of-sale (pos) system. at closing, the supervisor deposits cash equal to the recorded sales on the pos system and keeps the rest.the supervisor forwards the close-of-day pos reports from the pos system along with a copy of the bank deposit slip to the company’s revenue accounting department. the revenue accounting department records the sales and the cash for the location in the general ledger and verifies the deposit slip to the bank statement. any differences between sales and deposits are recorded in an over/short account and, if necessary, followed up with the location supervisor. the customer food order checks are serially numbered, and it is the supervisor’s responsibility to see that they are accounted for at the end of each day. customerchecks and the transaction journal tapes from the pos system are kept by the supervisor for 1 week at the location and then destroyed.what control allowed the fraud to occur?

Nell and kirby are in the process of negotiating their divorce agreement. what should be the tax consequences to nell and kirby if the following, considered individually, became part of the agreement? a. in consideration for her one-half interest in their personal residence, kirby will transfer to nell stock with a value of $200,000 and $50,000 of cash. kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. they purchased the residence three years ago for $300,000.nell's basis for the stock is $ xkirby's basis in the house is $ xb. nell will receive $1,000 per month for 120 months. if she dies before receiving all 120 payments, the remaining payments will be made to her estate.the payments (qualify, do not qualify) as alimony and are (included in, excluded from) nell's gross income as they are received.c. nell is to have custody of their 12-year-old son, bobby. she is to receive $1,200 per month until bobby (1) dies or (2) attains age 21 (whichever occurs first). after either of these events occurs, nell will receive only $300 per month for the remainder of her life.$ x per month is alimony that is (included in, excluded from) nell's gross income, and the remaining $ x per month is considered (child support, property settlement) and is (nontaxable, taxable) to nell.