This historic book may have numerous typos and missing text.
Purchasers can download a free scanned copy of the original book
(without typos) from the publisher. Not indexed. Not illustrated.
1920 Excerpt: ...a note for $9,000.00 for Smith and Co., but say it
will be paid when due. Accounts payable amount to $63,000.00,
insurance amounts to $600 a year and has six months to run. They
owe a note at bank for $7,500.00, interest paid to date. They own
50 share's of stock in a company from whom they buy raw materials.
They cost $4,200.00, and are presumed to be worthless. Inventory
was taken at a selling price of 10% more than cost. This amounts to
$26,400.00. You are not asked to accept any responsibility for the
figures in the statement but simply to prepare the statement in the
best form you can from their letter. C. P. A. Ind. 2. A company is
formed under the laws of Mexico, to take over and work certain
mining properties. At the end of one year the company is found to
possess: Mining lands $ 484,675.48 Buildings and Improvements
20,409.76 Machinery 25,612.88 Cash on hand and in bank 24,612.50
Silver Bullion 85,209.50 Ore in dump 13,680.00 Merchandise 5,420.80
Fuel, oil, etc 679.20 The company owes: On open accounts 3,890.12
On account of pay-rolls 400.00 Note due in six months with int. 6%
25,000.00 Capital Stock (Fully paid) is 500,000.00 Set up Balance
Sheet. C. P. A. Mich. C. INCOME TAX QUESTION You own two houses, in
one of which you live. The other is leased to a tenant at a fixed
monthly rental. You paid during 1918 real estate taxes to the
state, county, city or township on both properties. You also paid
for the repairs on both. (a) Does the present federal income tax
law make any distinction between the two properties as to these two
classes of expenses? (b) If so, explain the reason, if any, for the
distinction. Inst. Ex. 1919. Chapter Nine FIXED ASSETS (Continued)
Capital and Revenue Expenditures. Buildings are also subject, after
construction or purc...
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