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Question - Edward Engels owns a 70 percent interest in the capital and profits of the partnership of Edward and Moore. During 2011, Edward purchased a piece of surplus machinery from the partnership for $5,000. On the date of the sale the machinery had an adjusted basis to the partnership of $8,000. For the year ended December 31, 2011, the partnership's net income was $50,000 after recording the loss on the sale of the machinery. Assuming that there were no other partnership items to be specially reported, what was Edward's distributive share of the partnership's taxable income for 2011?
At the end of Year 2 the portfolio had a value of 37. During Year 3 the entire portfolio is sold for 25. What is the amount of unrealized gain or loss for year
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The Smokey Mountain Coal Company sells coal to electric utilities in the southeast. Unfortunately, Smokey's coal has a high particulate content, and, therefore, the company is adversely affected by state and local regulations governing smoke and d..
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Does an accountant really need to (a) understand concepts underlying files and data structures and/or (b) be aware of the specific sub-schema of a database.
The company uses the perpetual inventory system and the weighted average to value the inventory. Calculate the cost of goods sold for the sale
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