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A vacant lot acquired for $200,000, on which there is a balance owed of $120,000, is sold for $300,000 in cash. The seller pays the $120,000 owed. What is the effect of these transactions on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity?
John and jean own 80 percent and 20 percent respectively, of palm Corporation stock. Thanks to their hard work, Plum's software sales have sky rocketed. In its first year of operation plum's earning were minimal, but four years later, Plum grossed..
Delta Company's flexible budget formula for overhead costs is $100,000 per month fixed costs plus $26.00 per unit variable costs. Standard volume is 5,000 units a month. Actual overhead coasts for June were $280,000, and output was 6,000 units.
Consider how an organization must manage cash, receivables, and inventory. Which of the three variables is the most important to manage? Is one more susceptible to fraud and errors than the others? Explain your answer. How would a misstatement in ..
What are different criteria for recognizing revenue?Why are there so many revenue recognition methods?Why are the methods subjective and what are the implications on income statement quality?
Red Corporation, which owns stock in Blue Corporation, had net operating income of $400,000 for the year. Blue pays Red a dividend of $60,000. Red takes a dividends received deduction of $48,000. Which of the following statements is correct?
The estimate for 2011 is subject to year-end adjustment. What amount, if any, of expense should be reflected in Post's quarterly income statement for the three months ended March 31, 2011?
CMW LTD is reviewing an investment proposal.The inital costs as well as ther estimnate of thde book value of the investment at the end of each year ,the net after-tax cash flows for each year and the net income for each year are presented in the foll..
Which of the following is a not true statement about tax-exempt organizations?
X-Beams Inc. owned 70% of the voting common stock of Kent Corp. During 2006, Kent made several sales of inventory to X-Beams. The total selling price was $180,000 and the cost was $100,000. At the end of the year, 20% of the goods were still in X-..
Prepare a journal entry for the taxes of Winston County's General Fund on July 1, 2005, the date on which the property taxes for the fiscal ending June 30, 2006, were billed to taxpayers.
Record the journal entries for each year using the % of completion method. Show the partial accounts on the December 31 balance sheet for each year. Show the January 1 to Dec 31 Income statement for each year.
Chris Spear invested $16,420 today in a fund that earns 12% compounded annually. To what amount will the investment grow in 3 years? To what amount would the investment grow in 3 years if the fund earns 12% annual interest compounded semiannually..
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