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1. Mathew Murphy, single, sold his home that he had owned for 20 years for $670,000. He purchased it for $110,000 and made $40,000 of capital improvements on the home during his time of ownership.
a) How much gain is excluded? How much is recognized?
b) If Mathew purchased another home for $420,000, how much is excluded and recognized?
August 31 falls on a Thursday. On Friday, September 1, the part-time employee John J. Jones was paid $250 or $50 per day for a five-day work week which ended that Friday.
ABC Hardware store is open for business 350 days a year. Annual demand for a power cutter at this store is 700 units. Replenishment cost is $15 per order and annual inventory holding cost is 10% of the inventory value.
Publicly traded firms are required to report to the investors using an accrual not a cash-basis approach. Do you think they should? What are the advantages? The drawbacks?
After the events of September 11, we were without our securities markets for few days. Though, it was a difficult condition, the markets opened in a few days and we managed.
Which of the following would an auditor most likely use in determining the auditor's preliminary judgment about materiality?
Chris White was a forestry technician who had been searching for several years for a business opportunity to combine with his forestry career
What are the two primary ways for a company to finance its business? Which would you choose if you were forming a corporation and trying to raise funds and why?
What happens to the fundamental accounting equation when the sole proprietor of a business invests more cash in it
Prepare entries in journal form to record the (1) monthly payroll and (2) employer payroll expenses, assuming Social Security and Medicare taxes equal to the amount for employees, a federal unemployment insurance tax of 0.8 percent, a state unempl..
The following journal entries are from the books of Kara Elizabeth Company: For each of the journal entries, prepare an explanation of the business event that is being represented.
Show the journal entries in 2006. (Please be reminded the year-end for ABC Corporate is Dec 31, adjusting is required)
On August 1, 2007, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each February 1 and August 1.
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