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1. In 2014, James invested $30,000 in a cattle - feeding partnership that used non recourse notes to purchase $70,000 of feed, which was used to feed the cattle and expensed. If James's share of the expense was $50,000, what is the most that James can deduct in 2014? a. $20,000 b. $30,000 c. $50,000 d. $70,000
Assuming that specific identification costs are impracticable and that Jamison allocates the purchase price on the basis of the relative fair values, what amount would be allocated to the Trucks?
Delivery Vehicle-Henry purchase a new delivery vehicle on April 1,2011 for 80,000. The vehicle is to be depreciated over 7 years using double-declining-balance with a salvage value of 10,000.
Determine the amount of interest expense the restaurant will report on the June pro forma income statement. What amount will his restaurants report as interest expense on the July proforma income statement?
Madtack applies manufacturing overhead cost to jobs at the rate of 55% of direct labor cost incurred. The company does not close underapplied or overapplied manufacturing overhead to Cost of Goods Sold until the end of the year.
Determine the equivalent units of production with respect to (a) direct labor and (b) direct materials. Compute both the direct labor cost and the direct materials cost per equivalent unit.
Using the installment-sales method, make summary entries to record: (a) the installment sales and cash collections; (b) the cost of installment sales; (c) the unrealized gross profit; (d) the realized gross profit.
What are corporate dividends and how are they distributed and accounted for? Provide a discussion of all potential scenarios and the relevant accounting requirements.
A company, which sells two different models of an item, finds 65% of its customers buy the cheaper model, for $95. The remaining 35% of the customers pay $125 for the more expensive model. What is the expected purchase price?
Sales 380,000 units, estimated ending finished goods inventories for December 31, 2011 are 20,000 units and beginning ending fnished goods at Jan 1, 2011 are 8,000 units.
Compute the following cash flows for Express Service Company for the past year:
In a certain standard costing system the following results occurred last period: labor rate variance, $1,000 U; labor efficiency variance, $2,800 F; and the actual labor rate was $0.20 more per hour than the standard labor rate. The number of actu..
Which of the following shareholder rights is most commonly enhanced in an issue of preferred stock?
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