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Bob sells land held for investment for $45,000 cash and the purchaser also assumes Bob's $32,500 debt on the investment. The basis of Bob's investment is $55,000. What is the gain or loss realized o
Prepare a personal budget, balance sheet, and cash flow statement. A summary of the facts, including ages of the client, spouse, and dependents; educational background; income status of client and sp
Comstock purchased 50 units of inventory on December 27, FOB shipping point. How many units of inventory should Comstock report on its year-end balance sheet?
For example, you might choose to write your paper on why it is important to have good accounting and internal controls in place. You can cite examples of what can go wrong (theft, fraud) if this is
Problem statement: Please prepare the following journal entries. Indicate which account should be debited and which account should be credited, along with the dollar amount of the debit and credit.
Compare and analyze the financial metrics and ratios used to evaluate the balance sheet and income statement information.
Memofax,inc,produces memory enhancement kits for fax machines. Sales have been very errati,with some months showing a profit and some months showing a lose. The companys contribution format income s
On August 8, 2013, Holly purchased a residential apartment building. The cost basis assigned to the building is $800,000. Holly also owns another residential apartment building that she purchased on
Cash totaled $20,000, with liabilities amounting to $30,000. A review of the individual partners' personal financial status reveals the following: Prepare a worksheet to liquidate the partnership.
Beverly earned a $75,000 salary and recognized a $7,200 loss on the sale of corporate stock this year. Compute Beverly's AGI in each of the following independent cases.
What is the difference between fair value and market value? When we covered inventory we discussed Lower of Cost or Market for valuation of ending inventory. Is there GAAP guidelines for recognizing
Martin & Associates borrowed0 $5,000 on April 1, 2010 at 8% interest with both principal and interest due on March 31, 2011. How much should be in the firm's interest payable account at December 3
If $950 of supplies is on hand at the end of the year, the supplies expense to be reported on the profit and loss statement for the year is:
A company discovered that inventory that cost $1000 and normally sells for $1200, has become obsolete and will be scrapped next month. The effect of the adjusting journal entry is to:
During the year ended 30 June 2008, Rico Ltd had net sales of $750 000 and net purchases of $440 000. Cost of goods sold was $475 000. What was Rico Ltd's gross profit for the year ended 30 June 200
The perpetual accounting control method has which of the following advantages over the periodic count method?
What theoretical problems can be brought up by opponents of the equity method? What managerial incentives exist that could influence a firm's percentage ownership interest in other firms.
You are an internal auditor of a small rural bank with 3 branches. The bank's customers are mainly farmers. The bank is a publicly traded corporation (OTC) and qualifies under the Sarbanes-Oxley Act
Susan works in a real estate office that is equipped with up-to-date copiers, scanners, and printers. She is frequently the only employee working in the office in the evenings and often has spare ti
Explain how the 2-types of assets are valued for balance sheet purposes, using the following assets owned by a corporation that writes and sells software packages:
The estimated cost for inspection and storage is $1 per bag per year and the annual cost of capital is approximately 20%. Should CruBrew go with DS or FS? Why? Show calculations please.
Explain the kind of entity you plan to establish by stating the service or services you propose to deliver and the types of clients or customers you would be serving.
Write down a 1,050 to 1,400 word paper explaining the relationship between the IASB and FASB. Comprise the given in your paper:
Write down a 700 to 1,050 word executive memo which describes the required reporting for defined contribution, defined benefit and other postretirement plans.
As a Staff I assigned to the audit of a publicly traded company, your senior has asked you to assess both share-based payment reporting and special purpose entities (SPE) reporting for the company.