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The entity began business with $1,000,000 in assets, $600,000 in non-recourse debts, and $400,000 in capital. In its first year of operations it had a net loss of $500,000, and the liabilities did not change. In the second year of operations the entity generated $60,000 in taxable income and the liabilities did not change. Z was a 50% owner. Compute Z's share of income or loss for each year, assuming the passive activity rules do not apply and the entity was
a. LLC
b. S corporation
The Discount Drug Company has three major product lines: drugs, cosmetics, and housewares.
Purchases $450,000; Purchase Returns and Allowances $11,000; Purchase Discounts $8,000; and Freight-in $16,000. Determine net purchases and cost of goods purchased.
What is the amount and character of Winchester's gains and losses before the 1231 netting process?
computation of net present value.accounting rate of i9turn payback and npv busy beaver corp. is interested in reviewing
Evaluate interest expense would be reported on the 2012 income statement? Determine total liabilities would be reported on the 31 st December, 2012, balance sheet?
Selk Steel Co., which began operations on January 4, 2013, had the following subsequent transactions and events in its long- term investments. Selk purchased 60,000 shares (20% of total) of Kildaire’s common stock for $1,560,000.
re-computing the monthly installment of the mortgage loan.ricky and lucy have decided to refinance their home mortgage
Review the companies' balance sheets, statements of income/operations, and statements of cash flows. Identify and describe five similarities
If net income for the year was $75,000 and a preferred stock dividend of $20,000 was paid, what was the beginning value of retained earnings? How much is earnings per share for the year?
Prepare general journal entries to record the above transactions and the depreciation journal entries required at the end of each reporting period up to June 2014 and critically evaluate the companys adoption of the new accounting policy.
question 1. nbspboise marine sells jet skis and other powered recreational equipment. customers are committed to pay 13
Prepare in general journal form the workpaper entries that would be made int he preparation of a consolidated statements workpaper.
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