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Brice sells a piece of raw land with a basis of $10,000 which he has owned for years as an investment. What are the tax consequences to Brice, a cash-basis taxpayer, for the following consideration received:
a. Cash of $30,000
b. Motel worth $50,000, subject to $20,000 of liabilities
c. Instalment note due in one year without interest with a face value of $30,000 and a fair market value of $27,000
d. Same as (c), but Brice elects out of instalment reporting
Tracy invested $50,000 cash, a law library valued at $25,000, and office furniture valued at $20,000 into her business. Illustrate what accounts should be debited and credited for this transaction?
Prepare a report on the financing and dividend decision/behavior of any listed manufacturing company. Take past 5 year data for your analysis. (NOTE: Calculate and analyze relevant ratios)
Explain the treatment of each item of your corrected calculations that is treated differently from the original analysis prepared by the sales manager.
What is the amount of overstatement or understatement of the retained earnings account at December 31, 2011?
finding the changesnbsp of annual profits be increased or decreased..delta company produces a single product. the cost
Sales for the first quarter of 2012 are expected to be 1,200,000 units. Ending inventory of finished goods for each quarter is scheduled to equal 10 percent of the next quarter's budgeted sales.
Cole laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standard costs for one bag of Fastgro as follows.
Determine whether STL Entertainment should acquire the boat. Assume a 14% desired return on all investments,- round calculations to the nearest dollar.
A company’s factory overhead T-account shows total debts of $624,000 and total credits of $646,000 at the end of a period. Prepare the journal entry to close the balance in the factory overhead account to cost of goods sold.
Suppose ABI Construction is considering investing in a new project of urban development. The cost of bringing the project to market is 10M, but ABI expects five years no incremental cash flows from the project to be $10M. Using the calculated WACC in..
Southwest Industries produces a sports glove that sells for $55 per pair. Variable expenses are $31 per pair and fixed expenses are $37,000 annually. The contribution margin ratio for Southwest Industries in pairs of gloves is:
Waggoner would like to take the maximum depreciation deduction possible. Determine Waggoner’s maximum depreciation deduction for 2015.
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