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Titan Corporation acquired a patent on September 28, 2013. Titan paid cash of $65,000 to the seller. Legal fees of $2,000 were paid related to the acquisition. At what amount should Titan record the
The land is expected to have a value of $1,250,000 after restoration. Plymouth maintains no inventories of extracted materials. Whati s the amount of depletion per ton?
During 2010, Sigma Company earned service revenues amounting to $880,000, of which $685,000 was collected in cash; the balance will be collected in January 2011. What amount should the 2010 income s
Volmer Corporation owns machinery with a book value of $400,000. It is estimated that the machinery will generate future cash flows of $375,000. The machinery has a fair value of $325,000. Volmer sh
Explain whether Spartan's net income increased, decreased, or remained unchanged over the 3-year period. Small Essay cannot figure out how to do this one.
At the beginning of 2013, Brennan Corporation purchased a delivery truck for $80,000. The truck was estimated to have a useful life of 150,000 miles and a salvage value of $5,000. It was driven 33,0
On July 2, 2013, Peak Power Corporation purchased machinery for $120,000. Salvage value was estimated to be $10,000. The machinery will be depreciated over ten years using the double-declining balan
Columbia Bank and Trust is considering giving Gallup Company a loan. Before doing so, it decided that further discussions with Gallup's accountant may be desirable
On March 1, 2004, Tucker Corporation purchased a new machine for $355,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of
Florida Sale Away common stock sells for $82 per share, has a growth rate of 7% and a dividend that was just paid of $3.82. What is the annual percent yield per share?
Darien owns a passive activity that has a basis of $36,000 and a suspended loss of $22,000. If Darien dies during the year when the passive activity has a fair market value of $52,000, how will the
This loan was outstanding during the construction period. The company also had $5,000,000 in 9% bonds outstanding in 2013. The interest capitalized for 2013 should be:
If a company has a 51% chance that a customer will win a law suite against them for damages between $5-$15 million how is this recognized under both GAAP and IFRS
Current liabilities are normally recorded at the amount expected to be paid rather than at their present value. This practice can be supported by GAAP according to the concept of:
An annual receipt of $8,000 for three years followed by a single receipt of $10,000 at the end of Year 4. The company has an 11% rate of return.
In reconciling a bank statement, the bank statement balance is $1,000 and the balance per books is $1,205. A bank service charge is $5; a deposit in transit totals $500; and outstanding checks total
Given competitive pressures and slim margins in his business, he does not want to spend money or devote the resources to develop and maintain a BCP/DRP. How would you make the case that a BCP/DRP is
Tiger Inc. adopted dollar-value LIFO on January 1, 2013, when the inventory value was $360,000 and the cost index was 1.25. On December 31, 2013, the inventory was valued at year-end cost of $395,00
You are an IT auditor working for a $15 million sales per year speciality chocolate candy manufacturer. The company is planning to engage in e-commerce over the Internet. What would be your five big
Rosewell company has had 5,000 shares of 9%, $100 par-value preferred stock and 10,000 shares of $10 par-value common stock outstanding for the last two years. During the most recent year,dividends
Assuming the county has incurred $800,000 of construction costs on the project by the end of its fiscal year (June 30,20x5), the fund balance of the capital projects fund used to account for this pr
The First Chance Casino has gambling facilities, a bar, a restaurant, and a hotel. All employees are allowed to obtain food from the restaurant at no charge during working hours. In the case of the
Carolyn and Arthur exchange real estate in a like-kind exchange. Carolyn's basis in the real estate, subject to a $100,000 mortgage, is $350,000 and the fair market value is $500,000.
Write a memo to Stacey explaining the tax consequences of the incorporation. As part of your memo examine the possibility of having the corporation issue common and preferred stock and debt for the
What is the total value of assets if the functional currency is the Outer Mongolian mark?