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The owner of a business paid cash from his personal checking account to purchase an automobile for his personal use. This transaction:
At the end of the current accounting period, account balances were as follows: Cash, $180,000; Accounts Receivable, $75,000; Common Stock, $20,000; Retained Earnings, $65,000. Liabilities for the pe
An Oklahoma City business paid $15,000 cash for equipment used in the business. At the time of purchase, the equipment had a list price of $20,000. When the balance sheet was prepared, the value of
On July 1, 2013, Apache Company sold a parcel of undeveloped land to a construction company for $3,000,000. The book value of the land on Apache's books was $1,200,000.
Hunter-gatherer Ltd produces Widgets. The table below shows the budget and actual units sold together with standard costs and actual costs for materials and labour used in the manufacture of Widgets
Accounts Receivable has a balance of $378,000 and the Allowance for Doubtful Accounts has a positive balance of $1,200 at fiscal year end prior to adjustment. If the estimate based on the sales appr
Prepare the entry to record the issuance of the convertible bonds on June 1, 2011.
Calculate controlling interest share of consolidated net income and noncontrolling interest shares for Paice Corporation and Subsidiaries for 2011.
a) Prepare the appropriate journal entry to record the purchase on April 1, 20X7. (b)Prepare the appropriate journal entry to record the year-end discount amortization on December 31, 20X7. (c)Prepa
How can you adjust the net present value analysis to compensate for the inclusion of the interest expense ?
The tax rate is 40% and the firm uses straighline depreciation. Any gain or loss on the machine is subject to tax at 40 percent. Should baltic buy the new machine?
Rita died on January 1, 2013 owning an asset with a FMV of $730,000 that she purchased in 2007 for $600,000. Bert inherited the asset from Rita. Bart sels the asset for $800,00 on August 20,2013. Ho
A corporation has the following income during its taxable year:Compute its tax wages for the year.
Mirna Gaymar, VP of operations for Rocky Mountain County Bank, has instructed the bank's computer programmer to use a 365-day year to compute interest on depository accounts (payables). Mirna also
Because of substantial past and projected future losses associated with the real estate development (occupancy rates of only 37% after three years), Terry deeds the property to the creditor A. What
Mauve, Inc has the following for 2011, 2012 and 2013 and no prior Ace adjustments: Pre adjusted AMTI $12,000, 15,000, 8,000 Adjusted current earnings: $10,000, 17,000, 5,000. What is the ACE adjustm
TechCom had net sales of $315,000 and average accounts receivable of $75,600. Its competitor, ZCom, had net sales of $299,000 and average accounts receivable of $81,350. Calculate the accounts recei
Harist Corporation sold 5,000 units in May. Sales were $400,000, variable expenses were $240,000, and fixed expenses were $120,000. If the company increases its selling price by 10%, how many units
The prepaid insurance shown above relates to a policy that, when purchased, was a 2-year policy. Calculate the number of months of the insurance policy that have expired (i.e., been used up). Assume
Discuss how Penelope, Mark and John will calculate their "basis" in the new entity. Be sure to include the impact that debt has on basis, if any.
Determine the outstanding loan balance as of September 30, after any repayments have been made.
After deducting the annual exclusion, the amount of the gift was $30,000. Gift taxes of $10,000 were paid. What is Emma's adjusted basis in the necklace?
On the date of the cash distribution, Jane's basis in her EFG Inc. stock was $10,000 and Joe's basis in his EFG Inc. stock was $35,000. What is Joe's adjusted basis in his EFG Inc. stock after the d
the proposed machine costs 240,000 delivered and installed, and it's economic life is estimated at 10 years, with zero salvage value. the company expects to earn 14% on it's investment after taxes(1