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Questions -
Q1. Tina purchased a house for $240,000 to use as her principal residence. After living in the home for 3 years, Tina sold it for $400,000. What is the tax treatment of the sale of her home?
a. A $0 gain is realized and recognized
b. A $400,000 gain is realized and recognized
c. A $160,000 gain is realized and $0 is recognized
d. A $160,000 gain is realized and recognized
Q2. Mike sold equipment for $500,000. The equipment was purchased for $300,000 and had accumulated depreciation of $125,000. What amount is reported as ordinary income under Code Sec. 1245?
a. $0
b. $125,000
c. $150,000
d. $325,000
The employee is entitled to a two- week vacation each year. Factory Overhead Control is debited each week for accrued vacation pay of
Revenue projections for the coming year are $47,500 for January and $50,000 for February. Cash receipts of $50,600 are expected in March. What revenues are projected for March?
The contribution margin in mall store is $200,000. Total fixed costs are $90,000 in downtown store and $93,000 in the mall location. How much are sales at mall location?
FInd Amount of materials backflushed from Finished Goods to Cost of Goods Sold. RIP beginning, including P2,000 of conversion cost P20,000
At zero direct labor hours in a flexible budget graph, the total budgeted cost line intersects the vertical axis at $30,000.
jackson company is considering two capital investment proposals. estimates regarding each project are given below
What The flexible-budget variance in operating income is and The total number of standard direct labor hours allowed for the actual units produced is
Based on the CFO's new policy, Calculate the profit margin for both chairs and desks. Which of the two products should be dropped?
Create rule for optimal transfer pricing referring to 'direct costs' and 'opportunity costs'. What would happen to the total profit of the entire group.
2.5% repairs at the cost of $ 63 per units. In the February 80 units needed repair. What is the ending balance of warranty payable at the end of February?
It is January 1st, 2020, you are (just turned) 22 years old and are earning $3,500 per month, How much financial capital will you have when you start retirement
The computer workstation furniture manufacturing that Adria Lopez started in january is progressing well
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