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Timon decides to sell 5 acres of land for $100,000. The cost basis for the land is $37,500. Timon agrees to sell the property for four equal payments of $25,000 - one now and the other three on January 1 of the next 3 years. The note bears adequate interest. What amount of gain is realized on the sale? What amount of gain is recognized in Year 1? What is Timon's basis in the note receivable at the end of Year 2?
c) Caleb sells machinery for $90,000 for two equal payments of $45,000 (plus interest). Caleb's original basis was $80,000 and he has claimed $30,000 of depreciation deductions up to the time of sale. Caleb will receive 1 payment now and one next year. What amount of gain is realized on the sale? What amount of gain is recognized in Year 1?
With today's business's, the products they have available to their customers, there are many laws that help the business protect their product and their self's. There are many important laws that will help protect businesses with copyrights and p..
The retained earnings balance on January 1, 2013, was $90,300. Calculate the amount of dividends on common stock during the first 11 months of 2013.
4. Harvey's variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $33,000. If sales are expected to increase $60,000, by how much will the company's net income increase?
A firm experiences demand with a mean of 100 units per day. Lead time demand is normally distributed with mean 1000 units and standard deviation 200 units. It costs $6 to hold one unit for one year.
What is the accumulated postretirement benefit obligation at the beginning of 2011?
In 1994, the New York City Police Department adopted a law enforcement crime fighting strategy known as COMPSTAT (COMPuterSTATistics). COMPSTAT uses Geographic Information Systems (GIS) to map the locations of where crimes occur, identify "hotspot..
The fund is reimbursed when the cash in the fund is at $15. Prepare journal entries for the establishment of the fund and the reimbursement
What are the tax consequences to the estate if it redeems stock to pay off the taxes and expenses? Does it matter which stock is redeemed
Chipata Corporation applies manufacturing overhead to jobs on the basis of machine-hours. What was Chipata's underapplied or overapplied overhead for the year?
1. a business event which can be measured in terms of money and must be recorded in books of accounts is calleda.
In taking a physical inventory at the end of year 2011, Nadir Company forgot to count certain units. Explain how this error affects the following.
prepare a cash budget for the next two months based on the following information showing total cash receipts total cash
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