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Question:- A parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000. At the time of the sale, assume that the seller still owed $30,000 to the bank on the land that was purchased for $85,000. Immediately after the sale, the seller paid off the loan to the bank.
What are the effect of the sale and the payoff of the loan on the accounting equation, i.e. what are the increases and/or decreases in assets, liabilities, and owners' equity?
Which of the following is a capital asset? a) The bicycle of a 10-year old child. The child purchased the bicycle with money inherited from an aunt. b) The tools used by a self-employed carpenter.
When deciding to lease a new cutting machine or continue using the old machine, the following costs are all relevant EXCEPT the:
Bart transfers land used in his business (held as an investment for 3 years) worth $165,000 (basis of $100,000) and performs managerial services worth $15,000, in return for 30 shares in AB Corp.
Assume that the company uses variable costing, compute the unit cost for one knife set? Assuming that the company uses absorption costing, compute the unit cost for one knife set.
Compute the following cash flows for Express Service Company for the past year:
Regardless of any tax consequences resulting from their interests in Flycatcher, Nancy is in the 28% marginal tax bracket and Pasqual is in the 35% marginal tax bracket. With respect to the current year, which of the following statements is incorr..
Assess the supremacy provision in the Federal constitution. Discuss how the passage of a state tax bill is similar to the passage of a Federal law.
Michael owns stock in an S corporation. The corporation sustained a net operating loss this year. Michael's pro rata share of the loss is $5,000.
Canoe Company uses a job order cost accounting system and allocates its overhead on the basis of direct labor costs. Canoe Company's production costs for the year were: direct labor, $30,000; direct materials, $50,000; and factory overhead applied..
At the end of the year, Watkins still holds only $20,000 of merchandise. What amount of unrealized grass profit must Panner defer in reporting this investment using the equity method?
Stanton Company purchased merchandise with an invoice price of $2,000 and credit terms of 1/10, n/30. Assuming a 360 day year, what is the implied annual interest rate inherent in the credit terms?
The prevailing rate of interest for a note of this type on January 1, 2010, was 9%. At what amount should the gain from the sale of the building be reported?
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