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DEvin development co sold a building to Timex Co. as a restaurant site on Jan 1,2009.Devin accepted in exchange a five-year note having a maturity value of $100,000 and no stated interest rate. The building originally cost Devin $80,000 and had correctly recorded accumulated depreciation of $10,000 as of the date on the sale.The building had a fair market value of $78,353 on the date of sale.
1.Based on the above information prepare the journal entry to record the sale of the building on Jan1, 2009
2. Prepare any journal entries (if necessary)that would be required related to the Note Receivable at the end of 2009,2010,2011, and 2012
3.Assume that $100,000 is received from Timex co on 12/31/2013.prepare all necessary journal entries for 2013.
Green Lawn Chemical company sells lawn and garden chemicals through several hundred garden suppy stores and department store garden shops. Assume Green Lawn shipped goods costing Green Lawn $8400 and with a wholesale price (i.e. price to the retai..
insides an interior decorating firm uses a job order costing system and applies overhead to jobs using a predetermined
Phildell Phoenix is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,288. FICA tax for social security is 6.2% and the FICA tax for Medicare is 1.45%.
The Division is considering purchasing equipment for $40,000 that will increase sales by an estimated $10,000, with annual amortization of $10,000. If the equipment is purchased, what will happen to the return on investment for the division?
Determine the taxable year of the LLC under the existing Code and Regulations. Two years after formation of the LLC, Cameron sells half of his interest (25%) to Totco, Inc. Can the LLC retain the taxable year determined in part (a)?
Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and $120,000 respectively. Income Summary has a credit balance of $30,000. What is Tomas' capital balance after closing Income Summary to Capita..
question 9 figure 3-2. lassiter toys inc. cost of materials no. of toys total cost produced of materials 100000 20000
On the first day of the current fiscal year, $1,000,000 of 10-year, 7% bonds, with interest payable semiannualy were sold for $1,050,000. Present entries to record the following transactions for the current fiscal year:
compare and contrast the requirements for the formation and termination of an s corporation and a partnership. what is
Conny Duffy started working for Dexter Company on Thursday and 9 hours on Frida. Her annual salary is $80,000 and she is exempt white-collar employee.
What is the FASB Codification System and what is its purpose? What are the nine content areas located in the FASB Codification System? What types of items are located under each content area?
why are various ratios critical to measure performance and effective
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