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Yager and Boggs formed Y&B Company in 2012. Yager contributed a building with a fair market value of $97,000, a mortgage of $75,000 and an adjusted basis of $50,000 in return for 22 shares of Y&B Company stock. (Y&B assumed the mortgage.) Boggs contributed land with a fair market value of $22,000 and an adjusted basis of $40,000 in return for 12 shares of Y&B Company stock and 10 $1,000 bonds. Lyle performed legal and accounting work during the incorporation process in return for six shares of stock. Determine the tax consequences of the transfers to all parties.
Prepare journal entries to record items (a) through (f) above [ignore item (g) for the moment]. Prepare T-accounts for Manufacturing Overhead and Work on Process. Post the relevant items from your journal entries to these T-accounts.
Wahr Corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. At the beginning of the most recently completed year
EM Sales had $2,200,000 in sales last month. The contribution margin ratio was 30% and operating profits were $180,000. What is EM's break-even sales volume? $660,000 $1,540,000 $1,600,000 $2,020,000.
Alvin owned a building located in Kansas that he rented to a local business-Alvin built a new building at a cost of $400,000. What is Alvin’s realized gain (loss) on this transaction?
Syntech is offered credit terms of 2/10, net 40, but decides to forego taking the cash discount and pays on the 45th day. What is Syntech's cost of foregoing the cash discount?
Discuss the differences between unit-related, batch-related, and product-sustaining activities. Give one example of each type of activity.
Describe the maturity matching principle. What are the risks of not matching maturities? How would you characterize a firm that ignores the principle? Can you think of situations in which it would be advisable for an otherwise prudent firm to dev..
What are the eight steps in the accounting cycle and how do they affect the financial statements? What happens if one is missing?
What do you do if you are unable to determine internal controls? Which do you think is most important?
Explain some common internal controls that a company might have in place. What are they designed to protect? What are the reporting requirements regarding internal controls in the Sarbanes-Oxley Act?
Search the Internet for at least four (4) stories about major charitable contributions by individuals, including Bill Gates, Warren Buffett, Steve Jobs, and at least one (1) other individual.
They made major capital improvements through their 10-year ownership, which totaled $50,000. What is their recognized gain
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