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Dave formed Shull Company and transferred land ($100,000 fair market value; $40,000 adjusted basis) and equipment ($50,000 fair market value; $10,000 adjusted basis) in exchange for 100 shares of stock. Shull Company assumes the $45,000 mortgage on the land as part of the transfer. What is Dave's recognized gain? What is his basis in the stock?
When Medicare and Medicaid were created, reimbursement of services changed. These entities comprised a very large portion of a health care provider's business. Explain how Medicare and Medicaid have affected cost-setting for a health care organiza..
For the month of January, there were no units in the beginning work in process inventory; 60,000 units were started into production in January; and there were 15,000 units that were 40% complete in the ending work in process inventory at the end o..
Depreciation of general capital assets is not recorded in the accounts of any of the governmental funds. If a building is transferred from the General Fund to an internal service fund because the character of its use changes, should the internal s..
The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination.
There were no other transactions between the two companies. Ignoring income taxes, Mets' statement of income for the year ended December 31, 2011, should include "Income From Investment in Pirates Corporation Stock" in the amount of:
What is the purpose of GAAP and management accounting? There is a very important distinction that we need to keep in mind when discussing accounting because... they are not the same
Determine the total factory labor costs transferred to Work in Process and Factory Overhead for September. Determine the amount of factory overhead applied to production for September.
Andree is about to graduate college with a management degree. She has been offered a job as a sales representative for a pharmaceutical company. The job will require significant travel and entertainment expenses for which she will be given a salar..
According to US GAAP, what should be the basis for reporting the assets and liabilities of Small within consolidated financial statements created on the date of acquisition?
Who will receive exchange treatment as a result of the redemption?
Stockholders recently voted in a new management team that has promised to lower costs and get the return on equity up to 15%. What profit margin would LeCompte need in order to achieve the 15% ROE, holding everything else constant?
a. Prepare journal entries for Virginia and Stateside to record the sales/purchases during 2010. b. Prepare the consolidation entries that should be made at the end of 2010. c. Prepare any 2011 consolidation worksheet entries that would be required r..
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