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Calaveras Tire exchanged machinery for two pickup trucks. The book value and fair value of the machinery were $20,000 (original cost of $65,000 less accumulated depreciation of $45,000) and $17,000, respectively. To equalize fair values, Calaveras paid $8,000 in cash.
At what amount will Calaveras value the pickup trucks?
Assume the exchange has commercial substance. How much gain or loss will the company recognize on the exchange?
Assume that on January 1, 2011, Weber Company issues bonds with a face value of $300,000 that pay 10 percent interest, semiannually (5 percent per period) and mature in 10 years. Assume that the market interest rate at the date of issuance is 8 pe..
To compare the two resorts, convert gold rush net income to the accounting methods and the estimated useful lives used by Mountain hideway. Compare the two resorts' net incomes after you have revised gold rush's figures. Whish resort looked better..
He indicated to John that it was a close call between him and Patty and that he wanted to let John know personally about the decision before it was announced officially - What should John do? Describe how you would deal with his ethical dilemma (co..
Compute the February conversion costs in the Filtration Department and the Filtration Department completely processed 150,000 liters in February.
What are the U.S. tax consequences of Hans U.S. activities and compute Cholati s branch profi ts tax, and determine its branch interest withholding tax obligations. Assume that Cholati does not reside in a treaty country.
What would be the appropriate entry for the subsequent transaction and measures amount of revenue as the cash plus cash equivalent value of any non-cash assets received from customers in exchange for goods or services
What is the annual breakeven point in units sold and revenues - Break-even point in units = Fixed cost/(Selling price per unit
You have been given the following information for Ethan Company as of June 1, 2010. Ethan Company purchased a parcel of land and then incurred specific costs for the construction of a new building
Powerdyne Company's cost of goods sold is consistently 60% of sales. The company plans to carry ending merchandise inventory for each month equal to 40% of the next month's budgeted cost of goods sold. All merchandise is purchased on credit, and 5..
The required interest rate of the firm is 14 percent. (more precisely, suppose the investment is made at the beginning of each year, with the first cash flow from every project commencing at the end of the year)
Axis uses periodic inventory system. Using FIFO method, evaluate the amount of cost of goods sold for the month?
Evaluate the markup of currently used and evaluate the two new rates, one for class A repairs and another for class B repairs, using the similar markup of x that you determined in part a.
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