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Arbusto Oil Company acquired a lease on October 15, 2005 for $200,000 cash. No drilling was done on the lease during the first year. Since Arbusto wixhed to retain the lease a delay rental of $10,000 was paid on October 15,2006. During November and December of 2006, three dry holes were drilled on surrounding leases. Based on the dry holes, Arbusto's management decided the lease was 75% impaired. Arbusto had still not started drilling operations by the end of the second year and so paid a second delay rental. During November 2007, with less than one year of the primary term left, Arbusto drilled a dry hole on the lease and decided to abandon the leas. Because of the end of Arbusto's accounting period is December 31 and for income tax purposes, Arbusto executed a quit claim deed (surrendered the lease) and relinquished all rights to the lease the last day of November 2007. -Give the journal entries.
The XYZ Corporation has $1000,000 which it plans to invest in marketable securities. The corporation is choosing between the following three equally risky securities: Greenville County tax-free municipal bonds yielding 7 percent;
The cash and securities comprising a sinking fund established to redeem bonds at maturity in 2015 should be classified on the balance sheet as:
The purpose of the corporate earnings and profits is used to pay off dividends to the shareholders of the organization and to invest these funds further for the expansion of the business.
What employment records are important to keep? Why?
Annie gives her son stock with a basis in her hands of $52,000 and a fair market value of $48,000. No gift tax is paid. Son subsequently sells the stock for $49,000. What is his recognized gain or loss?
A lead partner is a local accounting firm, whose practice consists of tax consulting and compliance, serves clients by providing write-up and payroll processing services. As his firm grows, he has developed various ways to build its business.
Create an argument that the same goals may be achieved if the company remains a privately held entity. Provide support for your argument.
To what years can the 2008, 2011 and 2012 net operating losses be carried back? What amount, if any, is available as a net operating loss to be carried forward?
Valence Enterprises received a $5,100 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $1,500 and a credit to Service Revenue $1,500.
You have a total of $411,016 in your retirement savings and have the funds invested such that you expect to earn an average of 7.10 percent, compounded monthly on this money throughout your retirement years.
What are sunk costs? Provide at least two real-life examples of sunk costs for a project. Should sunk costs be included as incremental cash flows and what are some important factors to consider when conducting a credit evaluation and scoring?
Assume that the City of Amber maintains its books and records in a manner that facilitates the preparation of the fund financial statements. Amber City maintains a general fund, a capital projects fund, and a special revenue fund. During the curre..
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