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On November 1st Charlotte sells equipment for $100,000 to an unrelated party. $20,000 is received at closing and $20,000 will be received each November 1st for the next four years. Adequate interest is charged and received with each installment. The equipment originally cost $70,000 and is fully depreciated. Under section 1245 the depreciation must be recaptured in the year of sale. Using the installment sales method determine the amount of income recognized in the first and second years. You may ignore the interest income.
"Cost allocation is arbitrary, so there is nothing gained by it. We should report only the costs we know are direct." Do you agree? Why?
13,000 shares of common stock with a par value of $50 per share are issued in exchange for land and buildings. The property has been appraised at a fair market value of $810,000, of which $180,000 has been allocated to land and $630,000 to buildin..
Ajax Corp's sales last year were $460,000, its operating costs were $362,500, and its interest charges were $12,500. What was the firm's times-interest-earned (TIE) ratio?
Prepare a pro forma balance sheet dated December 31, 2008. Discuss the financing changes suggested by the statement prepared in part A.
Calculate the net present value of the project. (For all net present value calculations, if the net present value is negative, show the amount in (parenthesis). Round all answers to 0 decimal places.)
Prepare the entry to record the interest expense at April 1, 2011. Assume that interest payable was credited when the bonds were issued. (round to nearest $)
Prepare a journal entry to record the estimated liability. Assume that during 2010, products under warranty must be repaired using repair parts from inventory costing $4,950. Prepare the journal entry to record the repairs of products.
Litten Corporation's most recent income statement appears below: gross margin percentage. The gross margin percentage is closest to:
Prepare the appropriate entries for both the lessee and the lessor from the inception of the lease through the return of the equipment back to the lessor.
Sally vaguely remembers her tax professor in college warning the class that some real estate agents tend to oversell the tax benefits of home ownership. What factors would cause the actual tax savings of a $28,000 mortgage payment to be less than ..
Illustrate out the qualitative and quantitative limitations of financial statements? What is the FASB and what role does that entity play? Have you heard of and do you know the meaning of IFAS and GAAP?
Write down the difference between a contango market and a backwardation market. What exactly is meant by a basis?
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