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In year 1, Maxim sold investment land with a tax basis of $77,000. Payment consisted of $10,000 cash down and the purchaser's note for $90,000. The note is payable in equal installments of $45,000 in years 2 and 3.
a. Compute Maxim's realized gain on the sale of the land.
b. Compute Maxim's gross profit percentage on the sale of the land under the installment sale method.
c. Compute Maxim's recognized gain under the installment sale method in years 1, 2, and 3.
Jackson, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity if 0.8 pound per glass as a cost of $0.30 per pound. The actual result for one month’s production of 6,900 glasses was 1.1 pounds per glass, at a cost of ..
Bruce Industries manufactures 200,000 components per year. An outside supplier has offered to sell the component for $3.40. If Bruce purchases the component from the outside supplier, the manufacturing facilities would be unused and could be rented o..
short description evaluation of capital expenditure proposal.accounting rate of i9turn payback and npv busy beaver
How does BA account for “other current interest-bearing deposits”? Is that consistent with U.S. GAAP? What is amount of those investments that are maturing after three months, as of March 31, 2009?
Top That! Manufactures baseball caps. Material is introduced at the beginning of the process in the Cutting department. Conversion costs are incurred (and allocated) uniformly throughout the process. To record direct materials transferred into the cu..
Suppose ABI Construction is considering investing in a new project of urban development. The cost of bringing the project to market is 10M, but ABI expects five years no incremental cash flows from the project to be $10M. Using the calculated WACC in..
The sales budget for Modesto Corp. shows that 20,000 units of Product A and 22,000 units of Product B are going to be sold for prices of $10 and $12, respectively. The desired ending inventory of Product A is 20% higher than its beginning inventory o..
Using standard deviation data alone, which security is considered more risky Using coefficient of variation as your sole analysis, which is the best choice of Security.
Edson Corp. signed a three-month, zero-interest-bearing note on November 1, 2011 for the purchase of $150,000 of inventory. The face value of the note was $153,000. Edson used a “Discount on Note Payable” account to initially record the note and the ..
Daffy Duck Company, a building materials supplier, has $18,000,000 of notes payable due April 12,2015. At December 31,2014, Daffy signed an agreement with Wells Fargo to borrow up to $18,000,000 to refinance the notes on a long-term basis. How would ..
Evaluate the net increase in Corporation H's deferred tax assets or deferred tax liabilities (identify which) for the year.
Describe the appropriate means of reporting each situation and explain your reasoning and is this practice ethical -Provide arguments both for and against.
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