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Mitchell and Debbie, both 55 years old and married, sell their personal residence to Sophie. Sophie pays $225,000 and assumes their $70,000 mortgage. To make the sale they pay $4,000 in commissions and $1,000 in legal costs. They have owned and lived in the house for seven years and their tax basis is $125,000. What is the amount of gain reconized on the sale?
Montoya manufacturing has fixed costs of $1,800,000 and variable costs are 40% of sales. What are the required sales if Montoya desires net income of $180,000?
Gilmore uses the allowance procedure to record bad debt expense. The firm's estimated rate for bad debts is 2.15 percent of credit sales.
Issuance of the bonds. Accrual of interest and amortization of bond discount for the year, on December 31, using the straight-line method.
brown corporation has 1000 shares of common stock outstanding. bob owns 300 of the shares bobs mother owns 300 shares
hickory company manufactures two productsacirceuro14000 units of product y and 6000 units of product z. the company
Identify which cost item above is fixed and variable and why. What is the cost per unit of each? Suppose we increased our sales volume to 6000 units and then to 8000 units the following year (and are still within the relevant range), what would be..
what are the differences among valuation depreciation amortization and depletion?is it appropriate to calculate
lackawanna products management wishes to purchase goods in one month for sale in the next on jan 31 the company haas
which of the following describes the behavior of the fixed cost per unit?a. decreases with increasing productionb.
You realize that your accounting services are why Eric's Elmhurst Motorcycle has both stayed afloat and even prospered through the years.
on october 30 seba salon inc. issued a 90-day note with a face amount of 60764 to reyes products inc. for merchandise
thurman munster the owner of adams family rvs is considering the addition of a service center his lot. the building and
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