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Problem 1: Richard sold two machines used in his business. They were the only two assets sold during the year. After netting the two transactions, what is the result?
Machine 1 Cost $10,000 Acc.Depreciation $6,000 Amount realized $2,000
Machine 2 Cost $10,000 Acc.Depreciation $6,000 Amount realized $7,000
Select one:
a. $1000 ordinary income
b. $3000 Capital gain and $2000 Capital Loss
c. $3000 Capital gain and $2000 ordinary loss
d. $3000 capital loss
e. $3000 ordinary income and $2000 capital loss
Alpha Company estimates that annual manufacturing overhead costs will be $900,000. Compute the predetermined overhead rate for each activity base
Cost of goods manufactured equals $55,000 for 2010. Finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. Beginning and ending work in process for 2010 are $4,000 and $5,000, respectively. How much is c..
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Madison Thorne works in a public accounting firm and hopes to eventually be a partner. What are the ethical factors in this situation? Explain
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