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Sale of Business and Personal-Use PropertyArnie, a college student, purchased a truck in 2010 for $6,000. He used the truck 70% of the time as a distributor for the local newspaper and 30% of the time for personal use. The truck has a five year recovery period and he claimed depreciation deductions of $840 in 2010 and $1,344 in 2011. Arnie sells the truck on June 20, 2012 for $3000. a)What is the amount of allowable depreciation in 2012?b) Determine Arnie's realized and recognized gain or loss and its character.
Calculate the average returns on small-company stocks and u.s. treasury bills. Calculate the variances and standard deviations of the returns on small-company stocks and u.s. treasury bills.
MBA 640 Exam 1, Spring 1, 2014, Determine the net income for the month of December and for the month of June.
Maria Alvarez is investing $370,700 in a fund that earns 11% interest compounded annually. What equal amounts can Maria withdraw at the end of each of the next 21 years?
Bobcat Company uses a job-order costing system. During April, the following costs appeared in the work in Process Inventory account: Beginning balance $24,000, Direct material used 70,000, direct labor incurred 60,000, applied overhead 48,000, cos..
Discuss how the statement of cash flows is used by investors. If you were an investor reviewing a statement of cash flows, what section would interest you most? Why?
The company produces two products, Gert and Mill. Gert requires 60,000 machine hours and 20,000 direct labor hours, while Mill requires 40,000 machine hours and 30,000 direct labor hours. Using activity-based costing, machining costs assigned to e..
Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar). The December 31, 2010 balance sheet of Wolfe Co. included the following items:
Using the successful efforts method of accounting for oil and gas exploration costs, how much exploration expense would be shown in Exploratory's income statement for 2013?
Would you please give me some thoughts about this topic: essay discussing the benefits of moving into IFRS from GAAP or some difficulties on doing it.
Obsolescence is an example of which cost category?
What are the advantages and disadvantages of the computer-assisted audit technique known as parallel simulation?
Three years later, the shareholder ssells the land for $220,000. What is his realized gain or loss?
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