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Question:
QUESTION 1.
Jones company purchases land and building for $1,000,000
Fair market value are : Landing $300,000 and Building $900,000
Prepare the journal entry to record the purchase.
Question 2.
Payroll for ABE co. is as follows:
Gross salaries $100,000
FICA $6,200
Medicare $1,450
Federal Taxes $20,000
MA Taxes $5,000
Federal unemployment 1%
MA unemployment 7%
Prepare journal entries to record payroll and payroll taxes.
HYPERDIV INC is expected to pay the following large dividends in the next 3 years: Year Dividend 1 $1 2 $2 3 $4 After 3 eyars, the dividens will grow at 3% per year forever. If investors require a return of 9.3% on this stock, what is the value of th..
Tawstir Corporation has 500 obsolete personal computers that are carried in inventory at a total cost of $720,000. If these computers are upgraded at a total cost of $190,000, they can be sold for a total of $250,000. What is the net advantage or dis..
How would the acquisition of a building be reported on a statement of cash flows if purchased by issuing a mortgage note payable in addition to a significant cash down payment?
Mark Barton owns a garage and is contemplating purchasing a tire retreading machine for $18,000. After estimating costs and revenues, Mark projects a net cash inflow from the retreading machine of $3,200 annually for 8 years.
Compute the ending balance in the work-in-process account. Prepare the journal entries reflecting the completion and sale on account of Job 64. The selling price is 160 percent of cost.
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Carol and Bill exchange buildings in a like-kind exchange
Which of the following items are considered earned income for earned income credit purposes? Taxable pension income (disability benefits) received before reaching minimum retirement age.
The marketing department is getting ready to launch a new product. Before doing so, they have to finalize the business case to present to the executives. The selling price is expected to be $30. What is the contribution margin per unit? What volume m..
Assess the challenges for businesses using the resources of a venture capitalist, given that significant returns on the investment are likely to be impacted by the firm. Indicate how a business can manage these expectations. Provide support for your ..
Eckels Wares is a division of a major corporation. The following data are for the latest year of operations: What is the division's margin? What is the division's turnover? What is the division's return on investment (ROI)?
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