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Trevor Smith contributed equipment, inventory, and $48,000 cash to a partnership. The equipment had a book value of $28,000 and a market value of $31,000. The inventory had a book value of $90,000, but only had a market value of $50,000, due to obsolescence. The partnership also assumed a $15,400 note payable owed by Smith that was used originally to purchase the equipment.
Provide the journal entry for Smith's contribution to the partnership. If an amount box does not require an entry, leave it blank or enter "0".
Why do taxpayers have to recapture depreciation on depreciable assets sold at a gain? To which assets do the Section 1245 and 1250 recapture provisions apply?
Essay Petra industries have a fiscal year of May 31. Prepare the adjusting entries for the 2008 (FYE) based on the following data.
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Rush Company budgeted that it would incur $180,000 of manufacturing overhead costs in the upcoming period. By the end of the period, Rush had actually incurred manufacturing overhead costs totaling $192,000. Determine how much manufacturing overhead ..
Explain to Appleton why it is now inaccurate for her to describe the company as 'her' business.
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Determine the investment’s net present value, the internal rate of return and payback period. All key assumptions should be specified and explained.
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