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Sylva transfers to Leaf Corporation a machine she had purchased a year ago for $50,000. The machine has a $40,000 adjusted basis and a $55,000 FMV on the transfer date. $10,000 in depreciation was claimed by Silvia prior to the transfer. Silvia receives all 1,000 shares of Leaf Corporation stock worth $55,000 and a two-year note with a $5,000 FMV. What is the amount and character of the recognized gain or loss?
A) $15,000 ordinary incomeB) $15,000 capital gainC) $5,000 ordinary incomeD) $5,000 capital gain
What if a cahs receipt were applied to the wrong customer? Identify Internal control that would detect or prevent thid from occurring.
Record the payroll for the two employees at December 31 and record the employer's share of payroll tax expense for the December 31 payroll. Two journal entries required.
Arthur operates a part-time auto repair service. He estimates that a new diagnostic computer system will result in increased cash inflows of $2,100 in Year 1, $3,200 in Year 2, and $4,000 in Year 3.
Peanut corporation exchanged land and cash of $6,500 for equipment. the land had a book value of $45,000 and a fair value of $34,000. assume the exchange has commercial substance. compute the gain or loss?
If ABC Service collects $50,000 from customers on account: a) total assets are unchanged b) liabilities increases c) owners equity decreases d) onwers equity increases
evaluate the synergies gained for the company as a result of the business combination and how the combined business is better positioned to compete in the global marketplace.
Prepare the perpetual inventory schedule for the above transactions using (1) FIFO, (2) LIFO, and (3) average-cost. (If there is no entry, enter 0 for the amount. Round the unit average-cost to 2 decimal places. Round answers to 2 decimal places.)
An auditor has been hired to report on an nonissuer's internal control over financial reporting. Which of the following best describes a reporting option in this scenario?
Determine their shares to the net income or net loss for each of the following independent situations:
Examine the corporate financial decision-making procedure at your selected organization (Walt Disney). In your analysis be sure to address the following items:
Prepare the necessary journal entry to closed the overhead account if the balance is considered immaterial.
Compute the (a) inventory turnover, defined as cost of goods sold divided by average inventory, and (b) days' sales in inventory, defined as 365 times ending inventory divided by cost of goods sold, for both its raw materials inventory and its fin..
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