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During the year, Henry, a sole proprietor, sold for $65,000 a machine that was used in his business. The machine had been purchased in 2003 for $50,000, and when it was sold it had an adjusted basis of $30,000. How should this gain be treated?
a) Ordinary income of $35,000
b) Section 1231 gain of $35,000
c) Section 1231 gain of $20,000 and ordinary income of $15,000
d) Section 1231 gain of $15,000 and ordinary income of $20,000
e) None of the above
Prepare a direct materials budget for chips, by quarter and in total, for Year 2. At the bottom of your budget, show the dollar amount of purchases foe each quarter and for the year in total.
Calculate the average returns on small-company stocks and u.s. treasury bills. Calculate the variances and standard deviations of the returns on small-company stocks and u.s. treasury bills.
Indiana Co. began a construction project in 2006 that will provide it $150 million when it is completed in 2008. During 2006, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project. Using the..
The options are exercisable between January 1, 2014, and December 31, 2016, at 81% of the quoted market price on January 1, 2011, which was $16. The fair value of the 20 million options, estimated by an appropriate option pricing model, is $6 per ..
A decrease in a firm's willingness to pay dividends is likely to result from an increase in its:
Accurately define the differences between Muslims and Arabs, giving examples of the geographic locations of concentrated populations of both in the United States and in the Middle East.
person is considering buying the stock of two home health companies that are similar in all respects except the proportion of earnings paid out in dividends.
A trust has net accounting income and distributable net income (DNI) of $60,000, all from taxable sources. The trustee is required to distribute $40,000 of current income to Harry.
JBC Corporation is owned 20 percent by John, 30 percent by Brian, 30 percent by Charlie, and 20 percent by Z Corporation. Z Corporation is owned 80 percent by John and 20 percent by an unrelated party.
NaviNow Company agrees $20 million in cash to the four former owners of TrafficEye for all of its assets and liabilities. These four owners of TrafficEye developed and patented a technology for real-time monitoring of traffic patterns on the natio..
Can you provide me with some ideas for a project which entails choosing four companies that are in the same industry and similar in size (total revenues or total assets) from companies included on the Standard and Poor's (S&P 500)?
What is a contingent liability? How is one reflected in the financial statements and the footnotes? How is this accounting treatment consistent with the concept of a liability?
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