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Sweeney originally contributed $222,000 in cash for a one-fourth interest in the Gilbert LLC. During the time Sweeney was a member of the LLC, his share of the LLC’s income was $133,200 and he withdrew $88,800 cash. The LLC’s liabilities are $111,000, of which Sweeney’s share is $27,750. Sweeney sells his LLC interest to Jana for $293,040 cash, with Jana assuming Sweeney’s share of the LLC’s liabilities. How much is Sweeney’s gain on the sale, and how much is Jana’s adjusted basis for her LLC interest?
Prepare a variable costing contribution format income statement for each year.
on 2nd january 2013 mize co. issued at par 300000 of 9 convertible bnds. each 1000 bond is convertible into 60 shares.
Audit report and financial statements for the system
Huffman Corporation constructed a building at a cost of $20,000,000. Average accumulated expenditures were $8,000,000, actual interest was $1,200,000, and avoidable interest was $800,000. If the salvage value is $1,600,000, and the useful life is 40 ..
Rocking Chair Manufacturing, Inc. has the following dollar amounts associated with manufacturing the Rocking Chairs it’s intended on selling. The first 5 Rocking Chairs in inventory have a total cost of $100 each. The next 10 has a total cost of $95 ..
Taking current inventory into account, what will Daze's Production After Adjustment have to be in order to have a 10% reserve of units available for sale?
The following information is taken from the production budget for the first quarter: Beginning inventory in units 900, Sales budgeted for the quarter 342,000, and Capacity in units of production facility 354,000. How many finished goods units should ..
below is budgeted production and sales information for fleming inc. for december. the unit selling price is 4.estimated
reichenbach co. organized in 2011 has set up a single account for all intangible assets. the following summary
Prepare a work sheet for the fiscal year ending December 31, 2006. List all accounts in order given. Journalize the adjusting entries. Journalize the closing entries.
Suppose a tax reform bill is enacted that causes the corporate tax rate to change from 34% to 36%. How would this affect an existing deferred tax liability? How would the change be reflected in income?
reconciliation of absorption and variable costing net operating incomesjorgansen lighting inc. manufactures heavy-duty
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