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An individual has a $30,000 § 1245 gain, a $85,000 § 1231 gain, a $55,000 § 1231 loss, a $30,000 § 1231 lookback loss, and a $80,000 long-term capital gain. The net long-term capital gain is:
a. $165,000.
b. $135,000.
c. $110,000.
d. $80,000.
e. None of the above.
Buckman Corporation issued bonds with a face value of $800,000 on April 1, 2008. The bonds pay interest semi-annually at a coupon rate of 10% per year and the due date of the bonds is April 1, 2014. The market rate is 8% per year.
The capital balance for Bolcar is $110,000 and for Neary is $40,000. The two partners share profits and losses 70 percent (Bolcar) and 30 percent (Neary). Kansas invests $50,000 in cash into the partnership for a 30 percent ownership. The bonus me..
Is it necessary to adjust the inventory records by increasing inventory and accounts payable? if not what adjustments should be made?
Cunningham, Inc. sells MP3 players for $60 each. Variable costs are $40 per unit, and fixed costs total $60,000. What sales are needed by Cunningham to break even?
Calculate the total dollar amount of discount or premium amortization during the first year (5/1/10 through 4/30/11) these bonds were outstanding. (Show computations and round to the nearest dollar.)
Explain the impact of occupational fraud and abuse on the company. Explain the four potential corruption schemes to be aware of within the company?
For the year ending June 30, 2008, the Austin Corporation has current assets of $ 275,000 and total assets of $ 900,000. It also has current liabilities of $ 150,000, equity of $ 200,000, and retained earnings of $ 100,000. The marginal tax rate f..
Explain the reason for the strict requirement about stock ownership in the rules of conduct.
When owners invest money in their business, the effect on the accounting equation is that the investment: The journal entry to record the payment of wages in the amount of $52,000 to workers could include a:
Prepare CPA's general journal entry for the cash purchase of CMA's net assets. Do not use implied fair value.
Which of the following describes the internal control component "risk assessment'?
For the most recent year, Wilson Enterprises had sales of $689,000, cost of goods sold of $470,300, depreciation expense of $61,200, and additions to retained earnings of $48,560.
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