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A machine cost $80,000, has annual depreciation expense of $16,000, and has accumulated depreciation of 40,000 on December 31. On April 1,2011 when the machine was fair value of 32,000, it is exchanged for a similar machine with a fair value of 96,000 and the proper aount of cash is paid. The exchange lacked commercial substance. Prepare all entries at 4/1/2010.
The first installment payment of $18,360 was received on Dec. 31. How much gross profit from this sale should Pacer recognize on the December 31 income statement?
The firm is liquidated, and $288,000 in cash is received for the noncash assets. Dolson and Meier income ratios are 60% and 40%, respectively. Prepare a cash distribution schedule.
Stockholders recently voted in a new management team that has promised to lower costs and get the return on equity up to 15%. What profit margin would LeCompte need in order to achieve the 15% ROE, holding everything else constant?
1. Determine the price of the bonds at the time they were issued. 2. Assume the bonds were issued at a price of $850,000. Determine the amount of interest expense to be reported on June 30, 2008, December 31, 2008, and June 30, 2009.
Calculate the income recognized by Parcell under the percentage-of-completion method of accounting in each of the years 2007, 2008, and 2009.
Based on the previous information, prepare a schedule to determine the amount of loss that Wells Corporation should recognize for the current year.
How much will a firm need in cash flow before tax and interest to satisfy debtholders and equityholders if: the tax rate is 35%, there is $13 million in common stock requiring a 10% return, and $6 million in bonds requiring an 6% return?
If an available-for-sale investment is sold for which there are unrealized gains in accumulated other comprehensive income (AOCI), a reclassification adjustment affects other comprehensive income (OCI) in the period of sale by
In the case of a privately held company, what should be the focus of management, to meet all the reporting guidelines set by the FASB ASC, or to maximize the profits of the company?
Manufacturing overhead is allocated at 130% of direct labor costs. Actual manufacturing overhead was $86,500, and jobs costing $225,000 were?
Condensed balance sheets for Phillips Company and Solina Company on January 1, 2007, are as follows: Prepare the journal entries on the books of Phillips to record the acquisition of Solina Company's net assets
Last month when Harrison Creations, Inc., sold 40,000 units, total sales were $300,000, total variable expenses were $240,000, and fixed expenses were $45,000.
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