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Question - Fernando Company traded machinery with original cost of $300,000 and accumulated depreciation of $15,000. It received in exchange from Rooney Company a machine with a fair value of $300,000. Fernando also paid cash of $30,000 in the exchange. Rooney's machine has a book value of $285,000. What amount of gain or loss should Fernando recognize on the exchange?
a. $30,000 gain
b. $ -0-
c. $1,500 loss
d. $15,000 loss
ABC estimates that 3% of net credit sales will become uncollectible. What will be the adjusted balance in Allowance for Doubtful Accounts at December 31
boyne inc. had beginning inventory of 13320 at cost and 22200 at retail. net purchases were 133200 at cost and 188700
ortiz companys sales budget projects unit sales of part 198z of 10000 units in january 12000 units in february and
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Prepare journal entries to record income taxes in all 4 years. Assume that the change in the tax rate to 40% was not enacted until the beginning of 2011.
Can you give an example of what this number may look like by using the income statement of a real-life company?
Melba, age 42, has an annual salary of $70,000. Is Melba required to recognize income even though she is still alive at the end of the year and thus nothing has been collected on the life insurance policy? Explain.
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Augie purchased one new asset during the year (five-year property) on November 10, 2009, at a cost of $600,000. She made the § 179 election. The income from the business before the cost recovery deduction and the § 179 deduction was $500,000. Dete..
find a journal article online about absorption andor variable costing. in the subject line of your post include the
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