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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?
JK is a motor dealership which organizes its financial statements to 30 November. In the year to 30 November 2009, transactions integrated the following: (a) JK had motor vehicl
ln an attempt to conceal a thefi of funds, Kaito Kid, controller of Shinichi Products, lnc. placed a bomb in the company s record vault. The ensuing explosion left only fragments o
The following is a summary of a cash book for the year ended 31 April 2012 Payments $ Receipts $
Under a contract with the provincial government, ChemLabs Inc. analyzes the chemical and bacterial composition of well water in various municipalities in the interior of British Co
initial stock.=21,926,150 purchases.=361,550,000 other expenses=207,000,000 operatig profit=34,500,000 sqles=600,000,000 disc received=23,976,150 final stock=1000,000 variable exp
Weighted Average Method This way is a perpetual weighted average system whereas the issue price is recalculated after one of receipt of stocks taking into accounts both money
Goal Congruence - Behavioural Aspects of Standards A perfect variance analysis and standard costing system must enhance goal congruence between as: i. The goal of individua
With the introduction of computer-generated animated films (CGI), there has been much discussion of the impact on the movie industry. For example, illustrators need to have differe
Cost Components Companies which manufacture a product face an elaborated set of accounting issues. Additionally the usual accounting matters related with selling and administra
Managers need financial information to help them make decisions, communicate important information about their organization, and demonstrate fiscal responsibility to stakeholders.
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