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what is effect on the Karl's individual income tax with the following conditions?( tax year 2011)
(1)On October 5, the City of Columbia condemned unimproved property owned by Karl for the construction of a new police station. The land consisted of 2 vacant lots at 3400 and 3402 Cardinal Lane and had been acquired by Karl as an investment on 5/25/04 for $14,000. In exchange for the lots, on 2/15/11, the City gave Karl a large parcel of land at 440 Pine Street with a fair market value of $20,000. Karl was satisfied with the exchange because Pine Street is in a better neighborhood and has greater potential for appreciation.
(2)On 11/22, they sold a gun collection for $32,500. The gun collection was gifted to Karl by his father on 12/25/07 when it had a fair market value of $22,000. His father's cost basis was $14,000 when it was acquired in 1997.
During 2010, Durham Manufacturing expected to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Durham applied overhead based on direct labor cost.
What are intangible assets? Can you provide a few examples? Why are these important, and how are they recorded?
On March 15, 2010, Frankel Construction contracted to build a shopping center at a contract price of $120 million.
A company has current assets of $45,000, current liabilities of $30,000, and total liabilities of $55,000. The current ratio is:
On June 1, 2002, a company purchased on the open market $20,000 of a company's non-convertible (or convertible) bonds (2% of $1,000,000 bonds outstanding) at a price of "60" ($12,000 cash) plus accrued interest.
A bond with a five-year term to maturing, a 12 percent coupon (annual payments), and a market yield of 10 percent.
Suppose your grandparents have just given you $20,000 on the situation that you invest the money in the stock market. As you contemplate making your investment choices;
Write down a one-half page memorandum (at least 2 paragraphs) to Terrio explaining why the $6,000 loss on sale of Blackhawk stock is
Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesn't keep any significant inventories of the specialized assets that he sells.
What are ways for valuing stocks? Do you believe these valuation techniques could actually lead the average investor to make a profit buying and selling stock? Why or Why not?
All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories. The number of equivalent units of production for conversion costs for the period was:
Over the next few years companies will be shifting away form GAAP to IFRS (International Financial Reporting Standards). GAAP was a rules based approach to accounting where IFRS is a more principals based approach to accounting.
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