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Pauline's Pastry Shop decides to remodel its offices this year. As part of the remodeling, Pauline's trades furniture with a cost of $12,000 that had been expensed in the year of purchase (Section 179 expense election) for new furniture costing $22,000. Pauline's receives a $5,000 credit (instead of a cash receipt) for the old furniture and borrows the remaining $17,000 from Easy Finance Company.a. What is Pauline's realized gain or loss on the old furniture? Maybe 0b. What is Pauline's recognized on the exchange?c. What is Pauline's deferred gain on the exchange?d. What is the basis of the new furniture?
are exploration costs of a mining company an asset or an expense
what is the concept
2001 2002 sale 3200 units 3500 units selling prise Rs.60 Rs.65 unit produced 3400 units 3600 units direct metrial Rs 23 25
what are the examples of factory overhead
Rediger Inc. a manufacturing company, has provided the following data for the month of June. The balance in the Work in Process inventory account was $22,000 at the beginning of th
Question P A RT A Borrico ltd manufacture a single product and they had currently introduced a system of budgeting and variance analysis. The subsequent information i
Determine Cost per Unit By Using Marginal and Absorption Costing The given information was extracted from the book of a company for the year ended on date 31/12/2001. Outpu
Describe the ways in which the needs of internal and external users of accounting information are the same and different.
What is a standard and acceptable variance
Cash is the other form of fund although in a narrow sense, this refers to a supply which can be drawn upon as per to the need. Here the term cash involves both cash and cash equiva
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