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Sara and Jane form Wren Corporation. Sara transfers property, basis of $25,000 and value of $200,000, for 50 shares in Wren corporation. Jane transfers property, basis of $10,000 and value of $185,000, and agrees to serve as manager of Wren for one year; in return, Jane receives 50 shares in Wren. The value of Jane's services to Wren is $15,000 .
a) What gain or income do Sara and Jane recognize on the exchanges?
b) What is Wren corporation's basis in the property transferred by Sara and Jane? How does wren treat the value of the services Jane renders?
Prepare the journal entries necessary in the fund-based and government-wide journals to record each of the following transactions
A business pays weekly salaries of $15,000 on Friday for a 5-day week ending on day. The adjusting entry require at the end of fiscal period ending on Thursday is;
What is the internal rate of return? What is the accounting rate of return based on the initial investment? What is the payback period?
How are journals and ledger used in processing transactions? If a manufacturing company were to maintain special journals for purchases, sales, cash receipts, and cash disbursements, describe five journal entries that an AIS might make directly to..
Assume that actual cash inflows turn out to be $91,000 per year. Determine the amount of Mr. Holt's bonus if the original computation of net present value were based on $90,000 versus $70,000.
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Charles River Company has just sold a bond issue with 10 warrants attached. The bonds have a 20-year maturity, an annual coupon rate of 12.0 percent, and they sold at their $1,000 par value.
Ramsey Company typically sells subscriptions on an annual basis, and publishes six times a year. The magazine sells 60,000 subscriptions in January at $10 each. What entry is made in January to record the sale of the subscriptions?
The present value of $100,000 to be received in five years at an interest rate of 16% compounded annually, is $47,610. Calculate the present value of $100,000 for each of the following:
Grunewald Industries sells on terms of 2/10, net 40. Gross sales last year were $4,562,500 and accounts receivable averaged $437,500. Half of Grunewald's customers paid on the 10th day and took discounts.
Assume the same facts except that loon's long-term capital gain is $100,000 (instead of $60,000. Compute Loon's taxable income for the year.
The left-hand side of an account is used in recording debits, and the right hand side is used for recording credits in, Which of the following is NOT a basic function of an accounting system:
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