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On January 1 of this year, the partnership distributed cash of $30,000 to Cara and distributed the land contributed by Cara to another partner, David. On the distribution date, the land had a $27,000 FMV. Assume the CDE Partnership reported no profit or loss this year. How much gain (if any) must Cara recognize as a result of the distributions? What is her basis in the partnership after the distributions?
If a review of Courtney's accounting records at the end of the period disclosed a material price variance of $5,000U and a material quantity variance of $3,000F, determine the actual price paid for a gallon of direct material.
A firm expects to sell 10,000 units of its product annually. It estimates that it costs $200 to place an order and that each unit costs $7 annually to carry in inventory. It takes 7 days to receive an order once it is placed, and the store is open..
Lewis Company needs to determine the variable utilities rate per machine hour in order to estimate cost for August. Relevant information is as follows.
Mobile Co. issued a $45,000, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At maturity, the borrower will pay:
In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.
Hobson acquires 40% of the outstanding voting stock of Stokes Company on January 1, 2008,for $210,000 in cash. The book value of Stokes' net assets on the date was $400,000, although one company's buildings, with a $60,000 carrying value, was actu..
How might a purchasing manager use his/her position to defraud the company? What can be done to prevent it? Where could an auditor look to find evidence of losses on purchase commitments and unrecorded liabilities to vendors?
A barn, destroyed by fire, had a basis of $40,000. The owner received $50,000 in insurance proceeds. The barn was replaced by another barn costing $45,000. The basis of the new barn is:
Antawn expects to sell 42,000 units of finished goods this period-How many units must he budget for production this period
During an entity's lifetime, accountants produce financial statements at arbitrary moments in time in accordance with which basic accounting concept?
Based on the information for both Bradshaw and Newell over the two-year period, the earnings per share calculations (rounded to two decimals) indicate that: A) Bradshaw is seeing a greater performance improvement than Newell.
Compute the next present value of each project. Which project should be adopted based on the next present value approach? Compute the approximate internal rate of return of each project. Which one should be adopted based on the internal rate of retu..
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