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Land Buildings Equipment Depreciation Equipment Depreciation The following expenditures were incurred by Valentino Company in purchasing land: cash price $50,000; accrued taxes $7,000; attorneys fees $2,500; real estate brokers commission $2,800; and clearing and grading $3,500. What is the cost of the land? Hector Gonzales Company incurs these expenditures in purchasing a truck: cash price $18,000; accident insurance (during use) $2,000; sales taxes $900; motor vehicle license $300; and painting and lettering $1,200. What is the cost of the truck?
discuss how you believe XBRL will impact the financial reporting of public and private U.S. corporations.
Prepare journal entries to record the sale, cash collections, and recognition of gross profit (if appropriate) in 2010, 2011, and 2012.
Justification for the method of determining periodic deferred tax expense is base on the concept of:
Gerken Company concluded at the beginning of 2013 that the company's ownership interest in DillCo had increased to the point that it became appropriate to begin using the equity method to account for the investment.
Day Company purchased a patent on January 1, 2010 for $360,000. The patent had a remaining useful life of 10 years at that date. In January of 2011, Day successfully defends the patent at a cost of $162,000, extending the patent"s life to 12/31/22..
Provide examples of resources that are temporarily restricted as to: (a) purpose; (b) time; and (c) the occurrence of a specific event. Provide an example of permanently restricted resources.
There are four important purposes of analytical procedures. Identify one of these four purposes and give a specific example of an analytical procedure that an auditor might perform.
The minimum lease payments were determined to have a present value of $227,448 at an effective interest rate of 10%. With respect to this capitalized lease, for 2011 Ogleby should record:
Gilbert Corporation has an opportunity to acquire a company which produces one of the parts it uses in its manufacturing process. After careful analysis, Gilbert has decided to raise the necessary capital for the acquisition by issuing $3,000,000 ..
Moston enterprises sells three chemicals petrol, septine and tridol. Petrols units contribution margin higher than the septine which is higer than tridons which one of the following events is most likely to decrease the company's overall break eve..
At the beginning of the year, Penguin Corporation (a calendar year taxpayer) has accumulated E & P of $55,000. During the year, Penguin incurs a $36,000 loss from operations that accrues ratably. On October 1, Penguin distributes $40,000 in cash t..
The marketing manager has recommended that the selling price be increased by 20%, with an expected decrease of only 10% in unit sales. What would be the company's net operating income if the marketing manager's recommendation is adopted?
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