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Rizio Co. purchases a machine for $12,500, terms 2/10, n/60, FOB shipping point. The seller prepaid the $360 freight charges, adding the amount to the invoice and bringing its total to $12,860. The machine requires special steel mounting and power connections costing $895. Another $475 is paid to assemble the machine and get it into operation. In moving the machine to its steel mounting, $180 in damages occurred. Also, $40 of materials is used in adjusting the machine to produce a satisfactory product. The adjustments are normal for this machine and are not the result of the damages. Compute the cost recorded for this machine.
What are some methods a business uses to determine if the activity is value added or not? How do you think business learn from customers (consumers) what is value added and what is not value added?
In return, she receives 80% of the stock in Goldfinch Corporation (fair market value of $180,000) and a long-term note (fair market value of $20,000) executed by Goldfinch and made payable to Eileen. Eileen recognizes gain on the transfer of:
Explain how acceptance of large, high risk audit clients for relatively high audit fees may threaten and audit firm's de facto and perceived independence. Under what circumstances should such prospective clients be avoided?
Compute the failure to pay and failure to file penalties for John, who filed his 2010 income tax return on October 20, 2011, paying the $30000 amount due at that time.
What happens to the value of the growth option if the variance of the project's return is 14.2%? What if it is 50%? How might this explain the high valuations of many startup high-tech companies that have yet to show positive earning?
Under SFAS 52, when the current rate method is used, how are translation adjustments treated in the consolidated financial statements?
On January 1, 2008, Deweese Corporation had $ 1,000,000 of common stock outstanding. Journalize the declaration of a 15% stock dividend on December10, 2008, for the following independent assumptions
The drive to incorporate sustainability into every corporation's operations is a growing trend in the global economy. In fact, it can be said that for sustainability to become an integral part of a company's business strategy
Prepare 2012 gift tax returns (Form 709) for the Bakers assuming that the § 2513 election to split gifts is made. The Bakers have made no prior taxable gifts. Relevant Social Security numbers are 123-45-6781 (David) and 123-45-6782 (Mia)
Anthony and Latrisha are married and have two sons, James, age 25 and Jonas, age 13. Both sons are properly claimed as dependents. Anthony and Latrisha's marginal tax rate is 25% in the current year and they file a joint return. Both James and Jon..
Kirk's $5,000,000 comprehensive public liability policy contains a $400,000 deductible clause. In Kirk's December 31, 2010 financial statements, for which the auditor's fieldwork was completed in April 2011, how should this casualty be reported?
In the company's first year of operation, no dividends were paid. During the second year, Ten Sports paid cash dividends of $50,000. This dividend should be distributed as follows:
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