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1.On May 1 20xx a firm purchased a 1 year insurance policy for $1800 and paid the full premium in advance. The insurance expense associated with this policy for 20xx is ?
A) 600
B) 1200
C) 1800
D) 1050
2.As part of the initial investment a partner contributes equipment that had a cost of $50,000 and accumulated depreciation of $35,000. If the partner agrees on a valuation of $30,000?for the equipment, what amount should be debited to the office equipment account?
A) 15,000
B) 20,000
C)30,000
D) 50,000
O.K. Company uses a job order cost accounting system and allocates its overhead on the basis of direct labor costs. O.K. expects to incur $800,000 of overhead during the next period, and expects to use 50,000 labor hours at a cost of $10.00 per ho..
On March 3, Hinckley Appliances sells $580,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Hinckley Appliances' books to record the sale of the rece..
In 2010, Tina Turnips gave property with an adjusted basis of $63,000 to Sally when the fair market value was $163,000. Gift taxes paid on the property were $30,000, and the taxable gift was $150,000. What is the adjusted basis of the property to ..
on december 31 2014 gibson company has 18200000 of short-term debt in the form of notes payable to blue lagoon state
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