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Sara and Jane form Wren Corporation. Sara transfers property, basis of $25,000 and value of $200,000, for 50 shares in Wren corporation. Jane transfers property, basis of $10,000 and value of $185,000, and agrees to serve as manager of Wren for one year; in return, Jane receives 50 shares in Wren. The value of Jane's services to Wren is $15,000 .
a) What gain or income do Sara and Jane recognize on the exchanges?
b) What is Wren corporation's basis in the property transferred by Sara and Jane? How does wren treat the value of the services Jane renders?
Historic cost should be replaced by an alternative measurement base in order to make financial statement more useful. Critically discuss this statement, concluding with whether or not you agree with it.
Segregation of Duties (SoD) and other classic internal controls such as management oversight have been adapted to consider technology. Compare/contrast the classic controls with their adaptations for technology.
Management uses accounting information to run the business (and be sure they get bonuses based on profitability ) stockholders use it to be sure they continue to have a sound investment, a banker may use it to monitor credit trends and for compari..
What does it mean to critically evaluate an economic event or resource in the context of an accounting standard and what is actually being evaluated and how?
Why are certified public accountants expected to maintain higher standards than society in general?
Post Inc, had a receivable from a foregn customer that is payable in customer's loca currency. On Dec 31, 2009, Post correctly included this receivable for 200,000 local currency units
Describe how deferred tax assets relating to accruals arise and explain how deferred tax assets relating to loss carryforwards arise
Calculate Alexandra's maximum depreciation deduction for 2011 for the computer, assuming she doesn't make the election to expense or take bonus depreciation.
The First Chance Casino has a gambling facilities, bar, restaurant, and hotel. All employees are permited to obtain food from the restaurant at no charge throughtout working hours.
If the cost of goods manufactured during the year amounted to $1,330,000 and annual sales were $1,996,000, how much is the amount of gross profit for the year?
John Roberts is 60 years old and has been asked to accept an early retirement from his company. The company has offered John three alternative compensation packages to induce John to retire.
If the standards are set in a process that often results in compromise between different parties, do the qualities of accounting information provide much value? How?
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