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Digger Corporation has $50,000 of current and accumulated E&P. On March 1, Digger distributes land with a $30,000 FMV and a $17,500 adjusted basis to Dave, its sole shareholder. The land is subject to a $5,000 liability which Dave assumes:
a. What is the amount and character of the distribution?
b. What is Dave's basis in the property?
c. When does his holding period for the property begin?
Sheppard industries evaluating a proposal expand current distribution facilities. Management projected produce cash flows years (in millions)
What is the difference between collecting taxes and paying taxes?
Par Four Issues $1,700,000 of 10%, 10-year bonds dated January 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $1,505,001.
Prepare all journal entries to record the preceding information. How the accounts related to BBB's factoring and assignment agreements be reported on BBB's year end financial statements
Auditing standards discuss fraud in details. What is your impression of the auditor's responsibility to discover it? Do you make a distinction between responsibility regarding management fraud versus employee fraud?
Determine the (a) price variance, (b) quantity variance, and (c) cost variance - Diamond Company produces a chair that requires 5 yds. of material per unit.
The ledger of Welch Rental Agency Inc. on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
John Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Jack has recently come into an inheritance of $400,000.
Prepare an income statement and statement of cash flows for the 2009 accounting period.
Examine different types of organizational illegal activities, including cybercrimes and the impact to the organization. Use technology and information resources to research issues in forensic accounting.
No accrual entries have been made for the vacations. No over-time premium and no bonuses were paid during the period. Prepare the appropriate adjusting entry for vacations earned but not taken in 2011.
Protecting the security and integrity of accounting data is part of the controller's responsibility. Because of the integration with the computer system.
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