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Raven Corporation owns three automobiles that it uses in its business. It no longer needs two of these cars and is considering the possibility of distributing them to its two shareholders as a property dividend. All three automobiles have fair market vaule of $20,000. Automobile A has a basis of $27,000; automobile B has a basis of $20,000; and automobile C has a basis of $12,000. The corporation has asked for you advice. What actions do you recommend?
Banks have receivables that are the result of investing activities rather than sale or trade. We call these signed documents notes receivable.
The actual manufacturing overhead cost incurred was $54,000. The manufacturing overhead cost applied to Work in Process was $58,000. The cost of goods manufactured for September was?
Suppose the Quick Towing Company purchases a new tow truck. The old truck had a book value of $1,000 and was sold for $1,420. If Quick Towing is in the 34 percent marginal tax bracket, what is the tax liability on the sale of the truck?
ABC Inc., a specialized equipment manufacturer, uses a job order costing system. The overhead is allocated to jobs on the basis of direct labor hours. The overhead rate is now $2,000 per direct labor hour.
Tracy co. owns 4,000 of the 10,000 outstanding shares of penn corp. common stock. during 2010, penn earns 120,000 and pays cash dividends of 40,000. if the beginning balance in the investment account was 240,000 the balance at december 31, 2010 sh..
The auditors compare information on canceled checks with information contained in the cash disbursement journal. The objective of this test is to determine that:
Precisely explain how the capital asset pricing model CAPM determines the required rate of return on a portfolio of securities. Include in your discussion a mention of systematic and unsystematic risk and which is priced using CAPM.
On March 15, 2010, Frankel Construction contracted to build a shopping center at a contract price of $120 million.
John Ballard works eight hours a day, five days a week. Each order is one window and each window takes 26 minutes. What is the average waiting time, in minutes?
Silver Shades corporation disposes of a capital asset with an oringial cost of 115000 and accumulated depriciation of 62500 for a salvage price of 18000. Silver Shades tax rate is 30%. Calculate after tax cash inflow from the disposal of the capit..
Ludwig, Inc., which owes Giffin Co. $2,400,000 in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to accept from Ludwig land having a fair value of $1,830,000 and a recorded cost of $1,350,000.
Joyce Rescho is self-employed and uses the calendar year and the accrual method of accounting. She reports the following activities for December:
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