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Tina and tom talley purchased a home in 2001 for $450,000. over the years they made substantial improvements, totaling $100,000. in 2015, the couple was divorced. as a part of the settlement, the house was transferred to tina. in 2016 tina sold the house for $850,000.
a. what is tina's realized gain on the transaction?
b. what is her recognized gain?
Although convergence to International Financial Reporting Standards (IFRS) has been an ongoing process for more than a decade, the U.S. has not adopted IFRS. “They simply weren’t accustomed to the more relaxed and supple interactions that FASB has be..
How many students are needed in order to achieve breakeven. - How many classes need to be taught in order to achieve breakeven.
Which of the following statements is not a limitation of ratio analysis? There are an insufficient number of ratios available. Seasonal factors can distort ratios. Different organizations can use different, but allowed under GAAP, accounting conventi..
Why not report the possible liabilities from pending law suits in the financial statements rather than the notes to the financial statements?
Wanda owns a non-depreciable capital asset she has held for investment. She purchased the asset for $200,000 six years ago, and it is now subject to a $54,000 liability. Calculate the amount of Wanda’s Long Term Capital Gain or her Long Term Capital ..
On November 1, 2017, Blossom Company adopted a stock-option plan that granted options to key executives to purchase 21,600 shares of the company’s $10 par value common stock. If no entry is required, select "No Entry" for the account titles and ente..
A transfer price of $3.20 per unit is established, and 40,000 units of material are transferred, with no reduction in Division 6's current sales. How much would Division 6's income from operations increase?
Maria, the manager of Department T, was convinced that tennis rackets were really more profitable than baseball bats. She asked her colleague in accounting to break down the overhead cost for the two departments. She discovered that had department ra..
Pilot Corporation has the following current capital structure, which is considered optimal: Pilot is paying interest at a rate of 12% on its’ outstanding loans, a 10% rate of return on its’ outstanding bonds, a 12% rate of return on its’ preferred st..
The business changed their policy with regards to the profit mark-upfrom 2018 to 2019 financial year. What was the changed.
Create a system flowchart of the existing system- analyze the physical internal control weaknesses in the system. Model your response according to the six categories of physical control activies specified in the COSO internal control model.
Enduro Tile Company purchased merchandise on account from a supplier for $8,000, terms 2/10, n/30. Enduro Tile Company returned $3,500 of the merchandise and received full credit.
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