(SOLVED) Shuana works as a lawyer for a large law firm

Shuana works as a lawyer for a large law firm where professional dress is expected. Her friend,
Carissa, is a nurse at a local hospital. Shuana spends $1,500 a year on clothing, shoes, and
accessories that she wears to work. Carissa spends $500 on uniforms and shoes for her job. […]

The Martin Corporation is an accrual basis taxpayer that manufactures cellular phones. The
company provides a 5-year limited warranty on its phones and estimates that warranty
expenses will be 1.5% of sales. During the current year, Martin has sales of $12,000,000 and
incurs $149,000 of warranty expenses. What amount can […]

Lonnie owns 100% of Quality Company’s common stock. Lonnie, the president of Quality, is a
cash basis taxpayer. Quality is short of cash as of December 31, 2011, the close of its tax year.
As a result, it is necessary to accrue a $50,000 bonus payable to Lonnie. As soon […]

Kai, a cash basis taxpayer, is a 75% owner and president of Finnigan Fish Market. Finnigan, an
S corporation, uses the accrual method of accounting. On December 28, 2011, Finnigan
accrues a bonus of $40,000 to Kai. The bonus is payable on February 1, 2012. When is the
bonus deductible? […]

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Damon’s Lawn and Garden Supply, an accrual basis taxpayer, is the exclusive dealer for Tru-
Cut lawn mowers. In 2011, Damon’s agrees to pay the Dash Corporation, the manufacturer of
Tru-Cut, an additional $15 per lawn mower. In exchange, the Dash Corporation will provide
advertising and promotion to Damon’s for a […]

Gonzo Company is an accrual basis taxpayer. It provides medical insurance for its employees
through a self-insured reimbursement plan. Gonzo pays $150 per month per employee into the
plan fund. The fund is then used to reimburse employees’ medical expenses. During the
current year, Gonzo pays $90,000 into the fund […]

Appliance Sales Corporation sells all types of appliances. In addition, it offers purchasers of its
appliances the option of purchasing repair contracts. During the current year, Appliance
estimates that repairs totaling $13,100 will be made under the contracts sold during the current
year. Actual repair costs are $7,500 related to […]

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