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Frank, Cora and Mitch are equal shareholders in Purple Corporation. The corporation's assets have a tax basis of 50,000 and a fair market value of 600,000. In the current year, Frank and Cora each loan Purple Corporation 150,000. The notes to Frank and Cora bear interest of 8% per annum. Mitch leases equipment to Purple Corporation for an annual rental of 12,000. Discuss whether the shareholder loans from Frank and Cora might be reclassified as equity. Consider in your discussion whether Purple Corporation has an acceptable debt equity ratio.
during the year 2010 the inventory of ds gift shop decreased by 50000. if the income statement for the year 2010
The income statement is an integral part of all financial statements presentations. There are two ways of creating the income statement, the single-step and the multiple-step methods.
If a review of Courtney's accounting records at the end of the period disclosed a material price variance of $5,000U and a material quantity variance of $3,000F, determine the actual price paid for a gallon of direct material.
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Before the establishment of the Governmental Accounting Standard Board,which organization developed GAAP for governments?
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state the section of the statement of cash flows prepared by the indirect method operating activities investing
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