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Question:- A parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000. At the time of the sale, assume that the seller still owed $30,000 to the bank on the land that was purchased for $85,000. Immediately after the sale, the seller paid off the loan to the bank.
What are the effect of the sale and the payoff of the loan on the accounting equation, i.e. what are the increases and/or decreases in assets, liabilities, and owners' equity?
Yates Corporation began operations on January 2, 2010. It employs 15 people who work 8-hour days. Each employee earns 10 paid vacation days annually. Please prepare journal entries to record the transactions related to paid vacation days during 201..
Rollincoast Incorporated issued BBB bonds two years ago that provided a yield to maturity of 11.5%. Long-term risk-free government bonds were yielding 8.7% at that time.
Filer Manufacturing has 9.5 million shares of common stock outstanding. The current share price is $53 and the book value per share is $5.
Garza Co. had the following transactions during the current period. Journalize cash dividends; indicate statement presentation.
Compute the labor rate variance, the labor efficiency variance, and the total direct labor cost variance for October and for November.
FASB has special rules for reporting on private health care organizations. And of course, if the health care organization is associated with government (as an SPE), then GASB rules. What are the similarities and differences in the accounting pract..
Which of the following is an example of a variable cost?
Prepare the journal entries for these transactions, assuming that the common stock has a par value of $3 per share. Prepare the journal entries for these transactions, assuming that the common stock is on-par with a stated value of $2 per share.
What is the minimum transfer price Division A should charge for internal transfers? What is the maximum price Division B would be willing to pay? Why should Division A reduce its price to Division B?
If standard deviation is 10 units per week, lead time is 2 weeks, demand is 50 per week, lot size is lot - for - lot, and desired service level is 97.72%, what is the statistical reorder point?
At December 31, 2008, the trial balance of Worcester Company contained the following amounts before adjustment. Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the a..
Explain the rules for marital status and community property income. Her address is 500 Elizabeth Street, Brownsville, Texas 78520.
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