At the end of the year, before distributions, Bombay (an S corporation) has an accumulated adjustments account balance of $17,200 and accumulated E&P of $22,750 from a previous year as a C corporation. During the year, Nicolette (a 40 percent shareholder) received a $22,750 distribution (the remaining shareholders received $34,125 in distributions). (Assume her stock basis is $45,500 after considering her share of Bombay’s income for the year but before considering the effects of the distribution. Required:
a. What is the amount and character of gain Nicolette must recognize from the distribution?
b. What is her basis in her Bombay stock at the end of the year?

Factors like the unemployment rate, the stock market, global trade, economic policy, and the economic situation of other countries have no influence on the financial status of individuals. ( t or f)

Salge inc. bases its manufacturing overhead budget on budgeted direct labor-hours. the variable overhead rate is $8.10 per direct labor-hour. the company's budgeted fixed manufacturing overhead is $74,730 per month, which includes depreciation of $20,670. all other fixed manufacturing overhead costs represent current cash flows. the direct labor budget indicates that 5,300 direct labor-hours will be required in september. the company recomputes its predetermined overhead rate every month. the predetermined overhead rate for september should be:

Listed below are several transactions that took place during the first two years of operations for the law firm of pete, pete, and roy.year 1 year 2amounts billed to clients for services rendered $ 170,000 $ 220,000 cash collected from clients 160,000 190,000 cash disbursements salaries paid to employees for services rendered during the year 90,000 100,000 utilities 30,000 40,000 purchase of insurance policy 60,000 0 in addition, you learn that the company incurred utility costs of $35,000 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period.required: 1. & 3. calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.2. prepare an income statement for each year according to the accrual accounting model.