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Colicchio Corporation acquired two inventory items at a lump-sum cost of $60,000. The acquisition included 3,000 units of knife X001, and 3,000 units of knife X002. X001 normally sells for $20 per unit, and X002 for $10 per unit. If Colicchio sells 1,000 units of X002, what amount of gross profit should it recognize?
a. $1,000.b. $6,670.c. $10,000.d. $3,330.
Evaluate the basis of each shareholder's stock in the new corporation. Determine the basis of each property in the hands of the corporation.
Forten Company, a merchandiser, recently completed its calendar-year 2013 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, Prepare a complete statement of cash flow..
Calculate the present value of the note receivable suing a 15 % interest rate
Gwynne Supply Co. has the transactions related to notes receivable during the last 2 months-Journalize the transactions for Gwynne Supply Co.
communicate the standards, requirements, and guidelines for the accounting profession - At least 1 method must include some form of computer technology.
Locate an article from a financial periodical from the past two years about a company that restated its financial statements due to an error in accounting principle. Examples of periodicals are CFO and Journal of Accountancy.
The market price of Sandals common stock is $150 on June 30. What are the number of shares, par value per share, and market price per share immediately after the 3-for-1 stock split?
In 2013, Chirac Enterprises issued, at par, 75 $1,070, 7% bonds, each convertible into 110 shares of common stock. Chirac had revenues of $20,900 and expenses other than interest and taxes of $9,450 for 2014. (Assume that the tax rate is 40%.) Throug..
There are 48 units of the item in the physical inventory on 12/31. the periodic inventory system is used. Determine the dollar value of the ending inventory used the FIFO, LIFO, and average-cost methods.
Intel Inc. is the pioneer in the manufacture of microprocessor for computers. The company's fiscal year runs from April 1 to March 31. On 4/1/2013, Intel Issued $5,000,000 of 11% Bonds due in 10 years.
Blake Company produces a single product. Last year, Blake's net operating income under absorption costing was $3,600 lower than under variable costing. The company sold 10,000 units during the year, and its variable costs were $9 per unit which inclu..
journal entry for capital asset purchase including trade in.jane geddes engineering corporation purchased conveyor
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