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Liabilities in Excess of Basis:Barbara transfers $10,000 cash and machinery having a $!5,000 basis and a $35,000 FMV to Moore Corp. in exchange for 50 shares of Moore stock. THe machinery was used in Barbara's business, originally cost Barbara $50,000 and is subject to a $28,000 liability, which Moore assumes. Sam exchanges $17,000 cash for the remaining 50 shares of Moore stock.
A) What are the amount and character of Barbara's recognized gain or loss?B) What is Barbara's basis in the Moore stock?C) What is Moore's basis in the machinery?D) What is the amount and character of Sam's recognized gain or loss?E) What is Sam's basis in the Moore stock?F) When do Barbara and Sam's holding periods for their stock begin?G) How would your answers to Parts a through F change if Sam received $17,000 of Moore stock for legal services (instead of cash)?
The January 1 inventory of supplies in an Internal Service Fund is $9,000. The fund purchases $23,000 of supplies during the year. The December 31 inventory of supplies is $6,000. If the pricing objective of the fund is to be achieved, what dollar..
If the average market value of common share is $20, year end price is $25, interest rate on borrowings is 6%, and the tax rate is 50%, then compute both basic and diluted EPS
You realize that your accounting services are why Eric's Elmhurst Motorcycle has both stayed afloat and even prospered through the years.
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The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination.
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Revenues for the year ended 31 January 20X1 were $507,000 and expenses were $330,000. Under plan (b) above prepare the partnership income statement for the year.
All materials are added at the beginning of the process. Direct labor was $49,500 and factory overhead was $9,900. The total conversion costs for the period were:
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