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Prince Corporation is acquiring Jam Corporation in a Type A reorganization by exchanging 40% of its voting stock and $50,000 for all of Jam's assets (value of $850,000 and basis of $600,000) and liabilities ($200,000). The shareholders of Jam are Susan (650 shares) and Richard (350 shares). They bought their stock for $500 per share. What is the amount of gains or losses that Susan and Richard will recognize due to the reorganization? What is the value of the stock they received from Prince and what is their basis in the Prince stock?
Kathy’s Blooms purchased a delivery van for $20,000. The company was given a $2,000 cash discount by the dealer, and paid $1,000 sales tax. Annual insurance on the van is $500. As a result of the purchase, by how much will Kathy’s Blooms increas..
Prepare an adjusted trial balance and prepare the income statement and a retained earnings statement for July and a classifiedbalance sheet at July 31.
From your reading and research this week, you will learn that estate taxes are complex and require a lot of skill to navigate for complex estates. Take a position on the fairness of the current estate tax laws and recommend changes you would propose ..
In a report for the attention of James Brennan discuss the significance of alternative forms of finance available to him and the importance of the nature of the business entity in the process. Your report should relate to aspects considered in the..
Which of the following expense items is (are) deductible as rental expense for a rental property? Travel related to the property Management fees Repairs and maintenance All are deductible expenses
Determine the factors that should have been considered when setting the price for the product you selected. Explain your rationale.
Internal controls in accounting operations. Identify at least three ways to that one would use in assigning authority and responsibility within an organization and identify at least one challenge in maintaining proper internal controls.
It is now year end and the share price is trading above the fixed conversion price but well below the 20% premium level. The note therefore cannot be tuned in (i.e., converted). The CEO feels that the share price will not exceed the 20% premium fo..
Suppose that fixed costs for the year are 10 percent lower than projected, and variable costs per unit are 10 percent higher than projected. Waht impact will these cost changes have on operating profit for the year?
this week you will be starting work on your final project for this module. the purpose of the final project is to apply
The ending merchandise inventory is $25,000. Elucidate a cost of goods sold section for the year ending August 31 (periodic inventory.
Discuss the relative importance of different classifications of assets to total assets. What additional information would you expect to find in the notes to the financial statements about major classification of assets?
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