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If Robson made an additional investment of $10,000 during the year and withdrew $4,000 per month, and net income for the year was $80,000, by what amount did Robson's capital increase during the yea
On January 1, 2010, Huff Co. sold $1,000,000 of its 10% bonds for $885,296 to yield 12%. Interest is payable semiannually on January 1 and July 1. What amount should Huff report as interest expense
Xavier and Yolonda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income:
Franco and Jason share income and losses in a 2:1 ratio after allowing for salaries to Franco of $15,000 and $30,000 to Jason. If the partnership suffers a $15,000 loss, by how much would Jason's ca
At the beginning of the year, the capital account balances were: Franco capital, $42,000; Elisa capital, $58,000. what Elisa's capital account balance at the end of the year is ?
It can this year ?What is the largest deduction claimfor organizational expenditures
Teri, Doug, and Brian are partners with capital balances of $20,000, $30,000, and $50,000 respectively. They share income in the ratio of 3:2:1. Income Summary with a debit balance of $30,000 is clo
Based on this information, the statement of partners' equity for the 2010 for the partnership would show what amount in the capital account for Harrison on December 31, 2010?
In 2008, Larry transferred property with an adjusted basis of $20,000 and a fair market value of $15,000 to a corporation in exchange for stock. Code Sec. 351 applies to the transfer and the stock q
Samuel and Darci are partners. The partnership capital for Samuel is $50,000 and for Darci is $60,000. Josh is admitted as a new partner by investing $50,000 cash. Josh is given a 20% interest in re
Shull Company assumes the $45,000 mortgage on the land as part of the transfer. Dave's tax consequences are:
Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $40,000 and $60,000 respectively. Income Summary has a credit balance of $20,000. What is Saturn's capi
Partners Ken and Macki each have a $40,000 capital balance and share income and losses in a 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash ass
When should Kimberly sell the stock in order to qualify for the exclusion?
At the time of the transfer, the stock had a fair market value of $35,000. What is the amount of gain to be recognized by Ben?
The breiden company sells rodaks for $6.00 per unit. Fixed expenses total $37,500 per month and variable expenses are @2.00 per unit. How many rodaks must be sold each month to realize a profit befo
SealCoat Company made $50,000 in 2010 and paid no dividends. Primer Company's separate income in 2010 was $625,000. what the controlling interest in consolidated net income for 2010 ?
What amount, if any, will be shown in the balance sheet caption "Goodwill" in the November 30, 2010, consolidated balance sheet of Pulse Incorporated, and its wholly owned subsidiary, Surge Company?
What is the company's break-even point in units, assuming that the given sales mix is maintained?
P Corporation acquired a 60% interest in S Corporation on January 1, 2011, at book value equal to fair value. During 2011, P sold merchandise that cost $135,000 to S for $189,000. One-third of this
In computing depreciation for annual adjustment purposes, expenses is calculated for each month the asset is owned.
Several years ago, P Company bought land from S Company, its 80% owned subsidiary, at a gain of $50,000 to S Company. The land is still owned by P Company. what the consolidated working papers for t
Comic Books Corporation, a calendar year corporation, had a net operating loss of $50,000 for 2010. Comic Books made a proper election to forgo the carryback period. For 2011, Comic Books correctly
Geronimo Corp. will earn $1,000,000 in taxable income before depreciation and any deduction under §179 in calendar year 2010. Geronimo Corp. has no depreciable assets so far but is going to pur