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On December 31, 2012, Barker Inc. provided consulting services to Carr Company at an agreed price of $151,121. Barker accepted $60,000 down and agreed to accept the balance in four equal installments of $30,000 to be received each December 31, beginning December 31, 2013. An assumed interest rate of 12% is imputed.Instructions: Using Excel, prepare the amortization schedule and then record all required journal entries that would be made by Barker on the following dates (a) December 31, 2012; (b) December 31, 2013; (c) December 31, 2014; (d) December 31, 2015; and (e) December 31, 2016.
Digger Corporation has $50,000 of current and accumulated E&P. On March 1, Digger distributes land with a $30,000 FMV and a $17,500 adjusted basis to Dave, its sole shareholder. The land is subject to a $5,000 liability which Dave assumes: a. Wha..
Margo's ending finished goods inventory is budgeted to be 20% of the following month's sales. How much was Margo's budgeted direct labor cost for the month of August, assuming that the hourly wage rate is $15.00
Which of the following statements is TRUE about Nestor's hobby activity?
Calculate the total indirect manufacturing costs for December from the information given above.
Based upon the above information, a change to the LIFO method in 2008 would result in net income for 2008 of
There would be no cost savings from transferring the units within the company rather than selling them on the outside market. What should be the lowest acceptable transfer price from the perspective of Division X?
A corporation has 40,000 shares of $25 par value stock outstanding. If the corporation issues a 4-for-1 stock split, the number of shares outstanding after the split will be
During 2012, Harry, a self-employed accountant, travels from Kansas City to Miami for a 1-week business trip.
What are the pros and cons of the following state and local tax provisions? Be sure to include any related information regarding these types of taxes.
During 2010, Gorilla Corporation has net short-term capital gains of $120,000. Net long-term capital losses of $365,000, and taxable income from other sources of $900,000. Prior year's transaction included the following:
a. compare and contrast the size of the potential payoff and risk involved in each of these alternatives. b. calculate the 3 month rate of return on both strategies assuming that at the option expiration date Brenners' stock price has 1. increased..
In addition to the foregoing information, use the following data in determining the acceptability in this situation: Income from Net Cash Year Operations Flow 1 $100,000 $180,000 2 40,000 120,000 3 20,000 100,000 4 10,000 90,000 5 10,000 90,000 Th..
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