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In 2006, TYR Inc. purchased a warehouse for $295,000. This year, the corporation sold the warehouse to Firm D for a cash payment of $80,000 and D’s assumption of a $225,000 mortgage. Through date of sale, TYR claimed $72,000 of straight-line depreciation on the warehouse.
a) Compute TYR’s recognized gain on the sale of the warehouse.
b) What is the character of the gain?
c) Would your answers change if TYR is a non corporate business?
In each of the following independent cases, it is assumed that the corporation has $400,000 of 6% preferred stocks and $1,600,000 of common stock outstanding, each having a par value of $10. As of 12/31/11, it is desired to distribute $250,000 in div..
Juniper had revenues of $460,000 in March. Fixed costs in March were $284,240 and profit was $28,560. What was the contribution margin percentage? What monthly sales volume (in dollars) would be needed to break-even?
Phyllis maintained an IRA account at the brokerage firm ABC. On February 11 of the current year, she requested a check for the balance of her account. She received the check made out in her name and deposited it the same day in a new IRA account at t..
Valuation of Inventory using FIFO and LIFO methods and All-Pages Book Company reports the following inventory transactions during the current month
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Determine the cost of the inventory on December 31, 2010, by the last-in, first out method, following the procedures indicated in.
Evaluate the value of the goodwill if Stillman pays $1,361,800 for EKC.
During 2013, William sold stock in QRS, Inc for $3,500 that he purchased 4 years ago for $10,000. He also sold a Chicago main bond for $1,050 that he purchased for $1,000 18 months ago. He also earned $1,000,000 in salary. How much of William's capit..
determine the rate variance, time variance, and total direct labor cost variance. discuss what might have caused these variances.
The following transactions took place for Parker’s Grocery and Prepare the journal entries that Parker's Grocery would record for the above transactions.
Statement of cash flows prepared using the direct method - Investing Activities section, or in the Financing Activities
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