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In exchange for all of its stock, Aqua receives: assets (basis of $380,000 and fair market value of $1.8 million), trade accounts payable of $125,000, and loan due to a bank of $375,000. The proceeds from the bank loan were used by Shawn to provide operating funds for the business. Aqua Corporation assumes all of the liabilities transferred to it. A. b. c. Does Shawn recognize any gain on the incorporation? Explain. What basis does Shawn have in the Aqua stock? What basis does Aqua Corporation have in the assets it receives?
Show the loan in the balance sheet of the company
Prepare the journal entry for the issuance when the market price of the common shares is $ 168 each and market price of the preferred is 210 each. (Round to nearest dollar.)
objective questions: Kovacic Company purchased a computer that cost $10,000. It had an estimated useful life of five years and residual value of $0. The computer was depreciated by the straight-line method and was sold at the end of the fourth year o..
Beebe Corporation (a calendar year taxpayer) has taxable income of $150,000, and its financial records reflect the following for the year.
Jonas Lumber Company owns a 7,000-acre tract of timber purchased in 2003 at a cost of $1,300 per acre. At the time of purchase the land was estimated to have a value of $300 per acre without the timber.
If a stockholder receives a dividend that reduces retained earnings by the fair market value of the stock, the stockholder has received a
A firm operated at 80% of capacity for the past year, during which fixed costs were $210,000, variable costs were 70% of sales, and sales were $1,000,000. Operating profit was:
Finance Here Sales & Service provides leased-based financing for its full line of commercial generators. Sales of the generators are properly accounted for as operating sales-type leases.
On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for $1,225,000. Present entries to record the following transactions for the current fiscal year:
Describe the audit procedures which Johnson would conduct to find out if Mother earth would violated the debt covenants.
The mcDaniel company s financing plans for next year include the sale of long term bonds with a 10% coupon. The company believes it can sell the bonds at a price that will provide a yield to maturity of 12%. If the marginal tax rate is 34%, what i..
For the credit sales, 50% are collected in the month of sale, and 50% the next month. The total expected cash receipts during September are:
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