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Probe Manufacturing leased an asset with a fair market value of $145,000 to Detection Devices. Detection will pay Probe $25,000 annually, in advance, for the next 10 years. If Probe earned a $32,000 gross profit and 12% rate of return on the lease to Detection, prepare (1) the entry to record Probe's lease to Detection, and (2) the entry to record the interest income Probe earned on its lease to Detection in year 2.
William's basis in the WAM partnership interest was $100,000 just before he received a proportionate liquidating distribution consisting of investment land (basis of $30,000. fair market value $40,000), and inventory (basis $30,000, fair market va..
In manufacturing its products for the month of September 2010, El Dorado Corporation incurred normal spoilage of $7,000 and abnormal spoilage of $3,000. How much spoilage cost should El Dorado charge as inventoriable for the month of September 201..
In a recent month a CPA provided ten hours of volunteer time to the Society for the Visually Impaired. He devoted seven hours to maintaining the organization's financial records and three to recording tapes of newspapers and magazine articles.
May Inc., has one shareholder,Paula, whose basis in May's stock was $100,000 on 1/1/10. During 2010, May distributed $300,000 to Paula. What is the amount of the distribution that would be treated as a dividend by Paula?
a. Journalize the entries required to complete the closing of the accounts. b. Determine the amount of Retained Earnings at the end of the period.
Grossmont Company reports $1,375,500 of net income for 2009 and declares $192,500 of cash dividends on its preferred stock for 2009. At the end of 2009, the company had 350,000 weighted-average shares of common stock.
A new wholesaler has offered to buy 17,000 packages for $3.47 each. These markers would be marketed under the wholesaler's name and would not affect Cayman Products' sales through its normal channels.
The Tivoli Company has no debt outstanding, and its financial position is given by the following data: What would the value of the firm be after this debt-for-stock restructuring of the firm is completed? What would be the price of Tivoli's stock aft..
Why do you think present value is an important concept for management to understand? Do you think it should be used for all financial statements items, why or why not?
Brain files a single tax return and decides to itemize his deductions. Bob's income for the year consists of $75000 of salary, $3000 long term capital gain and $1500 interst income. Bob's expenses for the year consists of $800 investment advice fe..
Write a 1-2 page research summary on the document below authored by Sunder. Focus your paper on Sunder's five key elements of consensus for common accounting standards for multinationals.
In the past year, TVG had revenues of $3 million, cost of goods sold of $2.5 million, and depreciation expense of $200,000. What is the firm's times interest earned ratio?
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