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Yager and Boggs formed Y&B Company in 2011. Yager contributed a building with a fair market value of $97,000, a mortgage of $75,000 and an adjusted basis of $50,000 in return for 22 shares of Y&B Company stock. (Y&B assumed the mortgage.) Boggs contributed land with a fair market value of $22,000 and an adjusted basis of $40,000 in return for 12 shares of Y&B Company stock and 10 $1,000 bonds. Lyle performed legal and accounting work during the incorporation process in return for six shares of stock. Determine the tax consequences of the transfers to all parties.
Purpose general journal entries to record the above transactions.
What is your conclusion about the fairness of the recorded balance in accounts payable for Pinnacle Manufacturing as it affects the income.
The net cash flow to change either positively or negatively - Detemination of how much the depreciation change cause
Evaluate the above goals and why you should choose one of them for effective operation of the organization
Inadequate segregation of duties over certain information system access controls.
Computing the revenue and cost of two clients using the data given - determine the revenue and cost for each client.
Explain how is the presence of the other owners reflected in consolidated financial statements, What accounting is appropriate for a noncontrolling interest?
Since you still own General Motors and General Electric, could these be reclassified to long-term securities?
Tim has AGI of $92,000 during the year and the following expenses related to his employment. Tim is reimbursed $13,000 under his employer’s accountable plan. Illustrate what are his deductions for and from AGI?
During the installation, a component of the equipment is carelessly left on a lane and hit by the automatic lane-cleaning machine. The cost of repairing the component is $2,250. Illustrate what is the total recorded cost of the automatic score keep..
Calculate number of shares outstanding at the time of the cash dividend and the amount of cash required to fund the cash dividend.
At a volume of 5,000 units the company incurs $25,000 in factory overhead costs. If volume increases to 10,000, illustrate what would the expected total overhead costs be?
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