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Transfer of Depreciable Property:
Nora transfers to Needle Corp depreciable machinery originally costing $18,000 and now having a $15,000 adjusted basis. In exchange, Nora receives all 100 shares of Needle stock having an $18,000 FMV and a three-year Needle note having a $4,000 FMV.
A) What is the amount and character of Nora's recognized gain or loss?
B) What are Nora's bases in the Needle stock and note?
C) What is Needles's basis in the machinery?
Dave Ganz started a sole proprietorship by depositing $30,000 cash in a business checking account. During the accounting period the business earned $6,000 of net income and Ganz withdrew $2,000 cash from the business.
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2011 financial statements are issued on March 15, 2012.
Johnson alarm systems had $800,000 of retained earnings on December 31, 2004. The company paid dividends of $60,000 in 2004 and had retained earnings of $640,000 on December 31, 2003.
Read Company reported actual sales of $2,000,000, and fixed costs of $480,000. The contribution margin ratio is 30%.Compute the break-even point in dollars, the margin of safety in dollars and the margin of safety ratio.
How are bad debts accounted for under the direct write-off method? What are the advantages and disadvantages of this method?
What is the difference between using the percentage of sales and percentage of receivables method for calculating doubtful accounts? Is it appropriate to use a hybrid of the percentage of sales and the percentage of receivables methods of calculat..
In a recently administered IQ test, the scores were distributed normally, with mean 100 and standard deviation 15. What portion of the test takers scored between 70 and 130?
Where on the balance sheet should a 20 year, 12% bond, due 1/1/2013 for $500,000 be listed. Is it a current liability or a long term liability?
What is the difference between operating and nonoperating items? And why do we show the difference in the financial statements?
Caravan Corporation has always been an S corporation. Caravan Corporation is 100% owned by Alan Merten. On January 1, Alan has an adjusted basis of $50,000 in his Caravan stock.
The rounded present value of an ordinary annuity for nine years at 9% is 6.0. What amount should N report as capitalized lease liability at December 31, 2009?
Construct the company's manufacturing overhead budget for the upcoming fiscal year. Compute the company's manufacturing overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year. Round off to the nearest..
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