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Benny purchased $400,000 of Peach Corporation face value bonds for $320,000 on November 13, 2012. The bonds had been issued with $80,000 of original issue discount (OID), because Peach was in financial difficulty in 2012. On December 3, 2013, Benny sold the bonds for $283,000 after amortizing $1,000 of the original issue discount.What are the nature and amount of Benny's gain or loss?
the rialto theatre purchased a new projector costing 37000 on january 1 2010. because of changing technologies the
Ambrosia Inc. reported sales of $2 million for 2012. Accounts receivable decreased $150,000 and accounts payable increased $300,000. Compute cash receipts from customers, assuming that the receivable and payable transactions are related to operat..
what are these accrual deferral or neither.1 incurred other operating expenses on account2 paid a cash dividend to the
On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $15,000; Accounts Receivable, $12,300; Supplies, $3,100; Land, $35,000; Accounts Payable, $8,700. What is the amount of owner's equity (John Wong's ..
1 which of the following is taxable?a. refunds of state income tax claimed in the prior year as an itemized deductionb.
hodgson companys december 31 2014 balance sheet reports assets of 8500000 and liabilities of 4500000. all of hodgsons
ken sold a rental property for 858000. he received 182000 in the current year and 169000 each year for the next four
question earnings per share. santana corporation has 400000 shares of common stock outstanding throughout 2010. in
You are a senior auditor working on a client who holds a large portfolio of mortgage obligations. Due to the soft housing market, the client has established a fairly significant loan loss reserve.
solar products purchased a computer for 13000 on july 1 2010. the company intends to depreciate it over 4 years using
the financial records of leroi jones inc. were destroyed by fire at the end of 2014. fortunately the controller had
the controller of sagehen enterprises believes that the company should switch from the lifo method to the fifo method.
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