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Revson Corporation purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows: purchase price, $50,000; broker's fees, $6,000; title search and other fees, $5,000; demolition of an old building on the property, $5,700; grading, $1,200; digging foundation for the road, $3,000; laying and paving driveway, $25,000; lighting $7,500; signs, $1,500. List the items and amounts that should be included in the Land account.
What are the two types of proprietary funds, and what are the major differences between those two?
Janie graduates from high school in 2012 and enrolls in college in the fall. her parents pay $4,000 for her tutiion and fees and assuming janie's parents have agi of 170,000, what is the american opportunity credit they can claim for janie?
An engineering firm is evaluating their back charges, and from this they claim that their average back charge is $1800. They randomly select 42 customers, and calculate the sample mean back charge to be $2010.
Delivery Vehicle-Henry purchase a new delivery vehicle on April 1,2011 for 80,000. The vehicle is to be depreciated over 7 years using double-declining-balance with a salvage value of 10,000.
A bankruptcy case may begin with either a voluntary or an involuntary petition. What is the difference? What are the requirements for an involuntary petition?
Assume an activity-based costing system is used and that the number of setups and the number of components are identified as the activity-cost drivers for overhead.
Calculate the partners' bases in their partnership interests at the end of the first and second year? Calculate the parners' bases in their partnership interests after reflecting any gain or loss on disposal of the equipment?
Prepare the journal entries to record the following transactions in Hunt Ltd’s records using the perpetual inventory system. (For multiple debit or credit entries, list accounts in order of magnitude.)
Ted paid $73,600 to receive $10,000 at the beginning of each year for ten years. This would repay the principal plus 6% interest. What difference does it make whether the contract is treated as an annuity as compared to an original issue discount ..
In 2007, XYZ Company paid $45,000 of dividends to its stockholders. Calculate the amount of the $45,000 dividend paid in 2007 that was paid to common stockholders.
Prepare the entry for May 1, 2007. The bonds are sold on August 1, 2008 for $425,000 plus accrued interest. Prepare all entries required to properly record the sale. (Show all calculations).
Rollie Company is launching a new cleaning product for ceramic vases. The company invests $1,200,000 in operating assets, such as production equipment,and plans to produce and sell 400,000 units per year. Rollie wants to make a return on investmen..
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