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Question 1: Som Clinic purchases land for $400000 cash. The clinic assumes $4000 in property taxes due on the land. The title and attorney fees totaled $2200. The clinic had the land graded for $6000. What amount does Som Clinic record as the cost for the land?
Question 2: Sun Company purchased machinery on January 1 at a list price of $420000, with credit terms 3/10, n/30. Payment was made within the discount period. Sunland paid $149500 sales tax on the machinery and paid installation charges of $5400. Prior to installation, Sun paid $12000 to pour a concrete slab on which to place the machinery. What is the total cost of the new machinery?
A couple comes into your office for a consultation regarding their personal taxes. They make $178,000 combined but want to discuss some potential deductions. They inform you they may have new capital losses, depreciation of capital assets, and may ha..
Based on projected performance for the first year, do you think the business should undertake the expansion which Andy Crowe has proposed - important for the banker and the Holiday Inn owners to have audited financial statements since Don Foster's ..
Lata Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.1 ounces of aluminum per can. During the month of April, 310,000 cans were produced using 1,100,000 ounces of aluminum. There are no beginning or ending i..
Write a professional report to the Board of Directors using appropriate spacing, paragraphs, and section titles, so that the report looks professional and is easy to read.
The equipment was assigned anestimated life of 10 years and a salvage value of $10,000. On January 1, 2005, ABC Company decided the life of the equipment should be revised from 10 to 15 years with a salvage value of $4,000 at the end of the 15 years..
Calculate Fields and Struthers' operating cash flow for 2018. You are considering an investment in Fields and Struthers, Inc. and want
amount to be charged to arrive at break even.lifsey wedding fantasy company makes very elaborate wedding cakes to
Prepare a Schedule M-1 reconciling net income per books to taxable income for the year ended December 31, 2015. After-tax net income per books equaled $66,800 for the year ended December 31, 2015. The company reported $17,500 in Federal income tax ex..
Prepare the stockholders' equity section of the company's balance sheet before and after the stock split. What entry, if any, is needed to record the stock split?
Which is required when identifying a contract consistent with AASB 15 'Revenue from Contracts with Customers'? The contract is notarised by a lawyer
How might Gerard Appliances use its accounts receivable and notes receivable to raise the cash it needs? What are its prospects for raising the needed cash?
How much are Henrietta's realized and recognized gains? What is the amount of Henrietta's basis in her partnership interest? partnership's basis
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