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A corporation sold land (with an adjusted basis of $240,000) for $200,000 to its majority shareholder.
A) What is the company's recognized gain or loss on the sale?
B) What is the shareholder's adjusted basis in the land?
C) Three years later, the shareholder ssells the land for $220,000. What is his realized gain or loss?
The firm uses the effective interest method of amortising discounts and premiums. The bonds were sold to yield an effective interest rate of 10%.
Describe the two major obligations incurred by a company when bonds are issued. Magda and Helga are discussing how the market price of a bond is determined.
Assume a firm's production process requires an average of 75 days to go from raw materials to finished goods sold. If the accounts receivable cycle is 90 days and the accounts payable cycle is 80 days
Analyze the need for changing to a new system and the potential benefits and risks associated with this change. Identify three (3) advantages and three (3) disadvantages for each of the following choices:
Which of the following is a significant disadvantage of a general partnership
with no residual value. At the beginning of 2011, a decision was made to change to the straight-line method of depreciation for this machine. Assuming a 30% tax rate, the cumulative effect of this accounting change, net of tax, is
Discuss why a buyer may want to order on a bill and hold basis. Why might a seller want to classify an order as bill and hold if it does not meet the above criteria?
Amounts paid on June 30 for a 1-year insurance policy, Professional fees earned but not billed as of June 30
Calculate the annual lease payments. (Remember, these payments are to be considered at the begining of each year - annuity due.
Tom Hughes died in 2009 with a gross estate of $3.9 million and debt of $30,000. He made post-1976 taxable gifts of $100,000, valued at $80,000 when he died. His estate paid state death taxes of $110,200. What is his estate tax base?
Depreciation expense should be charged in the appropriate governmental funds, and reported in the governmental activities accounts.
Use a selected company or your current work environment to identify at least one cost or expense that would fit under each of the following categories:
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