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A parcel of land that was originally purchased for $170,000 is offered for sale at $300,000, is assessed for tax purposes at $190,000, is recognized by its purchasers as easily being worth $280,000, and is sold for $274,000. At the time of the sale, assume that the seller still owed $60,000 to the bank on the land that was purchased for $170,000. Immediately after the sale, the seller paid off the loan to the bank. What is the effect of the sale and the payoff of the loan on the accounting equation, i.e. what are the dollar increases and/or decreases in assets, liabilities, and owners' equity?
Discuss how environment factors such as economics, political, and social factors may influence a business' decision to engage in foreign trade.
A toffee company discovers that its competitor is producing and selling what appears to be its patented toffee-coated popcorn for a cheaper price.
The department actually completed 750 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.
Maud exchanges a rental house at the beach with an adjusted basis of $240,000 and a fair market value of $220,000 for a rental house at the mountains with a fair market value of $190,000 and cash of $30,000. What is the recognized gain or loss?
Which of the following is the correct entry to record the payment by Underwood Inc., within the 10 days if the company uses the periodic inventory system and the gross method to record purchases?
molly and duke formed a partnership investing 240000 and 80000 respectively. determine their participation in the years
submit an essay on legal issues surrounding solyndra the california based solar panel manufacturer. you need to
what is the purpose of cafr? what are the components of cafr? why is the federal government not subject to gasb 34? how
robert purchased and plaed in service 100000 of seven-year class assets on august 10 of the current year. he also
on march 1 2011 fast freight company sold 400000 of its 9 percent 20-year bonds at 109.9. the semiannual interest
in april of the current year steelman press company transferred ken sherm from its factory in louisiana to its plant in
collegepak company produced and sold 60000 backpacks during the year just ended at an average price of 20 per unit.
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