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Justings Co. owned 80% of Evana Corp. During 2006, Justings sold to Evana land with a book value of $48,000. The selling price was $70,000. In its accounting records, Justings should:
a) recognize a gain of $17,600.
b) defer recognition of the gain until Evanna sells the land to a third party.
c) recognize a gain of $8,000.
d) recognize a gain of $22,000.
During the year, Samuels Company reported net income of $300,000, including amortization of intangible assets of $66,000, depreciation of plant assets of $132,000, and amortization of premium on investment in bonds of $20,000. Applying the indirec..
For what is cost-volume-profit (CVP) analysis used? What are some main underlying assumptions that make CVP analysis useful for decision makers? Why might decision makers use CVP analysis?
In 2012 Sweetwater's excess net passive income is $42,000. Sweetwater holds $31,000 of accumulated earnings and profits from a C corporation year.
At the end of the current year, Accounts Receivable has a balanced of $800,000; Allowance for Doubtful accounts has a debit balance if $2000; and Net Sales for the year total $2,200,000. Bad debt expense is estimated at 1/2 of 1% of net sales. Pre..
Which of the following is an advantage of corporations relative to partnerships and sole proprietorships?
The main trouble with variable costing is that it ignores the increasing importance of fixed costs in manufacturing companies. Do you agree? Why?
Kinney Company purchased a truck for $57,000. The company expected the truck to last four years or 100,000 miles, with an estimated residual value of $6,000 at the end of that time. During the second year the truck was driven 27,000 miles. Compute..
The Inn's variable overhead costs are driven by the number of guests. What would be the total budgeted overhead cost for a month if the activity level is 70 guests?
If joe and Jill choose to accelerate 50,000 of additional income into the current year, how much will their (a) regular tax and (b) tentative minimum tax increase? Joe and Jill's marginal tax rate is 35%.
Prepare a schedule indicating cash collections from sales for May, June, and July.
What is unearned revenue and why is it considered a liability? When is unearned revenue recognized in the financial statements?
Dean signed an agreement to sell the plant for $350,000 January 1 year 10 and Lease it back for $15,000 per year, deans incremental borrowing rate is 6%. Present value factors for annuity
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