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Pauline's Pastry Shop decides to remodel its offices this year. As part of the remodeling, Pauline's trades furniture with a cost of $12,000 that had been expensed in the year of purchase (Section 179 expense election) for new furniture costing $22,000. Pauline's receives a $5,000 credit (instead of a cash receipt) for the old furniture and borrows the remaining $17,000 from Easy Finance Company.a. What is Pauline's realized gain or loss on the old furniture? Maybe 0b. What is Pauline's recognized on the exchange?c. What is Pauline's deferred gain on the exchange?d. What is the basis of the new furniture?
G. Mills was appointed a local agent for the High Power Mobile Workshop Bolt (HPMW-B) on 1 April 2009. The HPMW-B is manufactured by Mobile Equipment Ltd (MEL). The company charges
The question required consideration of both the monetary performance and the financial position, from the perception of a potential lender. As with previous questions, candidates w
describe the procedures involved in payroll labour cost accounting
costing for materials and control
9. When in the management process do managers seek an answer to the question "Did we meet our cost-reduction goals for non-value-adding activities?" a. Planning b. Performing c. Ev
Apollo Company manufactures a single product that sells for $168 per unit and whose total variable costs are $126 per unit. The company's annual fixed costs are $630,000. (1) Use t
You are assisting the accountant on the preparation of the final accounts of a business with a year-end of 31 December. A trial balance has been drawn up and a suspense account ope
features of absorption costing
explain about ruckerplan
Determine Opportunity Costs A company has material B in stock that originally cost Shs. 5000 for the 1000 Kshs in stores. The material is missing over from an old purchase ord
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