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Two years ago Nils transfers a $200,000 life insurance policy on his life to his daughter, Gail. The policy is worth $60,000 at the time of transfer and Gail pays Nils $50,000. When Nils dies this year, the $50,000 cash is still in a savings account. The consideration offset when computing Nil's gross estate is :
a. $0
b. $50,000
c. $150,000
d. $166,667
On January 1, 2007, Sloane Co. purchased 25% of Orr Corp.'s common stock; no goodwill resulted from the purchase. Sloane appropriately carries this investment at equity and the balance in Sloane's investment account was $720,000 at December 31, 20..
Determine the (a) current ratio, and (b) quick ratio. Round your answer to one digit after the decimal.
In 2003, Roland, who is single, purchased a personal residence for $340,000 and took out a mortgage of $200,000 on the property. In May of the current year, when the residence had a fair market value of $440,000 and Roland owed $140,000 on the mor..
Orbit Airways purchased a baggage-handling truck for $41,000. Suppose Orbit sold the truck on December 31, 2008, for $28,000 cash, after using the truck for two full years and accumulating a depreciation of $16,000.
The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years...
In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales. Prepare the entries to record the sales transactions and related taxes for (a) Grainger Company and (b) Darby Company.
Prepare in general journal form the entry necessary to correct the books for the transaction in part 1 of this problem, assuming that the books have not been closed for the current year. Compute the net income to be reported each year 2007 through..
What is the break-even point (BEP) and why is it important? What is the Contribution Margin (CM) and why is it important?
Each bond has twenty detachable warrants. The bonds and warrants were sold at 110. At the time the bond were issued each warrant had a market value to one percent of the face value of one bond.
The Container Store currently sells a “Bento Salad Bowl,” which it is currentlymanufacturing in South Carolina. A representative from a company in Vietnam is offering to sell them for 15% less than the manufactured cost.
Review the IRS website (www.irs.gov), and then provide a link to some information related to partnership formation or termination. Provide a brief summary of the link's contents?
The sales price that is stated in the agreement for this combined product is $500,000 and is to be paid upon delivery of the software.
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