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The partners of JPG Partnership want to change the form of entity from a partnership to a corporation. The corporation can be formed in several ways: The partnership can distribute the assets to the partners who then contribute the assets to the corporation. The partnership can transfer the assets directly to the corporation. The partners can transfer their partnership interest to the corporation. Write a memo outlining the tax effects of the various methods of forming the corporation.
The annual interest rate is 8%. What is the amount of taxable interest income that Karen should report for 2010, and the adjusted basis for the bonds at the end of 2010, assuming straight-line amortization is appropriate?
Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. Journalize the transactions in the general journal.
Direct materials $40, direct labor $10, variable overhead costs $30, and fixed overhead costs $20. In the short term, the incremental cost of one unit is what?
Farah Snack Co. has earnings after taxes of $150,000. Interest expense for the year was $20,000; preferred dividends paid were $20,000; and common dividends paid were $30,000. Taxes were $22,500. The firm has 100,000 shares of common stock outstan..
Torrid Romance Publishers has total receivables of $2,820, which represents 20 days' sales. Total assets are $70,500. The firm's operating profit margin is 6.0%. Find the firm's asset turnover ratio and ROA. (Use 365 days in a year. Do not round i..
How would the carrying value of bonds payable be affected by the amortization of each of the following?
What would be the amount of interest revenue the lessor would record in conjunction with the second quarterly payment at October 1? (Round your answer to the nearest dollar amount. Omit the "tiny_mce_markerquot; sign in your response.)
Provide an example of financial institutions, and state what role they play in securities markets.
recording transactions affecting the enterprise fund and business-type activitiesthe city water utility is owned and
Falcon Co. produces a single product. Its normal selling price is 30.00 per unit. The variable cost are 19.00 per unit. Fixed costs are 25,000 for a normal production run of 5,000 units per month.
deep space co. manufactures one product - spaceship exhaust pipes. it incurs direct materials costs of 1500 per unit.
What was the balance in Work in Process Inventory onJuly 1 if these were the only unfinished jobs? What was the predetermined overhead rate in June ifoverhead was applied on the basis of direct labor cost?
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