Topic 1 Samuel recently graduated from Portland State University with an Accounting degree. He is currently working as an accountant for a large consulting company and wants to know how to account for the following items. The company paid for a CPA prep course, which would have cost him $3,000. They also paid for all of the CPA exam and state filing fees, which totaled $900. The bank where he got his student loans also forgave half of his $40,000 of student loans, which brought his current year balance down to $20,000. His AGI before considering any of these items was $62,000. Using the tax law, determine how these items will affect his taxes.

Sonic corp. manufactures ski and snowboarding equipment. it has estimated that this year there will be substantial growth in its sales during the winter months. it approaches the bank for credit. what is the purpose of such credit known as? a. expansion b. inventory building c. debt management d. emergency maintenance

On april 1, the cash account balance was $46,220. during april, cash receipts totaled $248,600 and the april 30 balance was $56,770. determine the cash payments made during april.

Brian has just finished college. he wants to set up a small business to make and sell fireworks. he registers his company and acquires a license from the government. he finds that most of his competitors are selling fireworks at an extremely low price. he would like to make more money, so he decides to innovate and develop better fireworks. he sells his fireworks at a higher price, and they are a huge hit with the customers. after a few years, he earns enough profit to set up a bigger fireworks factory that complies with the government’s health and safety regulations. he even starts exporting fireworks overseas. which type of economy does this scenario describe?