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On August 1, Westside issued 10,000 shares of its $10 par value common stock in exchange for some equipment. The equipment's fair market value is estimated at $180,000 by an outside appraisal. On the date of the exchange, the stock was being actively traded at $17 per share on a major stock exchange. Prepare the necessary journal entry to properly record the transaction.
NEWCO Inc. had current earnings and profits of $50,000 when it made a nonliquidating distribution to an individual shareholder of land that NEWCO Inc. held for use in its business.
Bridgette owns and runs a small licensed (alcohol) café. Her refrigerator broke down and she contacted an old client and friend of hers, Eddie (electrician) to repair it.
Below is the summary of the subsidiary's expected pre-tax cash flows for the first five years in each location. Even though most operating cash flows will be in pesos or bahts, the company anticipates some US dollar denominated expenses.
Ellen supports her family as a self-employed attorney. She reports $90,000 of income on her Schedule C and pays $8,000 on health insurance for her family.
Construct the company's manufacturing overhead budget for the upcoming fiscal year. Compute the company's manufacturing overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year. Round off to the nearest..
Julia Katchum is in charge of the Eastern Regional Counterterrorism Computer Forensics Unit. Her recent investigations led her to believe that an imminent threat of a terrorist act in the Chicago area exists.
For the activity level of 2500 units, compute: (a) the total variable cost; (b) the total fixed cost; (c) the total cost. d. the average variable cost per unit, e. the average fixed cost per unit; and (f) the average total cost per unit. Assume th..
Please discuss the value of the accounting cycle to a company including: Normal length of the cycle-Integration with required governmental reporting
Which of the following statements is true? Once adopted, an accounting period normally cannot be changed without approval by the IRS.
You aare considering buying a new $25,000 car. The car dealer offers you a 13.6% loan with 30 equal monthly payments. Upon the questioning the dealer, you find that this unusual loan has "add-on" interest-What is the approximate effective annual in..
GRP Corporation has $500,000 in a bank account paying 0.35% annual interest. As an alternative to leaving the money in the account, the company is considering investing the entire amount for five years. possible investments have been identified as..
If Congress reenacts additional first-year depreciation for 2010, Rustin elects not to take additional first-year depreciation. Determine the write-off Rustin can take in 2010.
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