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On January 2, Year 3, Tasha Corp purchased and placed into service 7-year MACRS tangible property costing $100,000. On December 31, Year 5, Tasha sold the property for $102,000, after having taken $47,525 in MACRS depreciation deductions. What is the realized gain, recognized gain and character (1231 (capital) v. ordinary)?
Snyder, Inc., which has excess capacity, received a special order for 4,000 units at a price of $15 per unit. Currently, production and sales are anticipated to be 10,000 units without considering the special order. Budget information for the curr..
Which of the following industries would most likely have joint costs in production?
What interest rate should be used to calculate the interest revenue from this transaction for the years ended December 31, 2011 and 2012, respectively?
Ming Company is considering two alternatives. Alternative A will have sales of $150,000 and costs of $100,000. Alternative B will have sales of $180,000 and costs of $120,000.
Med Inc. had one class of stock outstanding. The one class of stock was owned 50 percent by Lori and 25 percent by each of Lori's parents. In the current taxable year, Med Inc. redeemed 25 percent of Lori's 50 percent, and in exchange for the stoc..
Compare and contrast GAAP and income tax accounting. Describe how they are similar and why there are differences.
What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?
Using IFRS, future lease payments for an operating lease include what required disclosures?
Catalina works for a regional sales branch of a large pharmaceutical company. Individual employees as well as individual goals, he or she receives a large bonus check at the end of the year.
Chester Lome drills well for residential and commercial lots. In April 2008. Chester decided to scrap his well drilling truck, purchased in 1984 for $25,000 and fully depreciated. Prepare the journal entry recording the scrapping of the truck.
Prepare the necessary general journal entries for the month of October for Stringer Company for each situation given below.
If Primrose could lower its inventories and receivables by 10 percent each and increase its payables by 10 percent, all without affecting either sales or cost of goods sold, what would the new CCC be, how much cash would be freed up, and how would..
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