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Subsequent Transfers to Corporation (LO. 1)
John organized Toucan Corporation 10 years ago. He contributed property worth $1,000,000 (basis of $200,000) for 2,000 shares of stock in Toucan (representing 100% ownership). John later gave each of his children, Julie and Rachel, 500 shares of the stock. In the current year, John transfers property worth $350,000 (basis of $170,000) to Toucan for 1,000 more of its shares.
John must recognize $ of gain on the transfer.
It costs approximately $20 to place an order the supplier currently order 100 batteries per month. Find out the ordering, holding, and total inventory costs for the current order quantity
You are reviewing your targets for short-term cash reserves next year. You wish to carry at least twenty five days cash on hand. If annual budgeted cash expenses are $62,000,000, what amount of short-term cash reserves should be targeted?
kim is determining her retirement plan. consider she has 500000 when she retires in an account that earns at an
Prepare a depreciation schedule for the equipment using the double declining method; assume that Spark elects to switch to the straight line method in year three.
pro forma income statement.assuming that reeds can improve its operations to be in line with the industry averages
he used the car 80% of the time for business and 20% for personal use. jon used the satutory percentage method of cost recovery. calculate total deduction jon may take for 2011 with respect to the car.
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Prepare journal entries, with workings and narrations, to record the changes to the carrying value of the Stimela train and the related tax in the financial statements of Enjoy-SA for the year ended 28 February 2005.
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Would the management of Fairmont Division have been more likely to accept the investment opportunity it had in 20x1 if residual income were used as a performance measure instead of ROI?
List all non-major enterprise funds. How many miles of state highway were reported as of June 30, 2011? Illustrate what is the state's pollution remediation obligation as of June 30, 2011?
Draft the appropriate audit opinion provided the subsequent scenarios.
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