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A machine cost 120,000 has annual depreciation of 20,000 and has accumulated depreciation of 90,000 on December 31, 2006. On April 1, 2007 when the machine has a market value of 27,500, it is exchanged for a machine with a fair value of 135,000 and the proper amount of cash is paid. The exchange lacked commercial substance.
A) The gain to be recorded on the exchange is what dollar amount?
B) The new machine should be recorded at what dollar amount?
What is the amount of purchased differential amortization included in the calculation of investment income on Schneide's book in 2005 and 2006?
The gift shop uses an online e-cash processing company, which deposits cash receipts to the gift shop's bank account automatically. What strategies should the gift shop implement to ensure proper accounting for cash receipts generate from online s..
An auditor traced a sample of purchase orders and the related receiving reports to the purchases journal and the cash disbursements journal. The purpose of this substantive audit procedure most likely was to
Not all benefits have monetary value. Companies are in business to make money, therefore the benefits should generate revenues whether directly or indirectly. As CFO of a company, what technical analysis would you do to determine the cost/benefit ..
Why is a statement of functional expenses considered an important financial statement for a voluntary health and welfare organization? How does a statement of functional expenses differ from the expense section of a statement of activities? Do the..
Ben and Jack both earned $60,000 this year. Ben (age 30) is married with two children, and Jack (age 68) is single with no dependents. Which of the following is true regarding the amount of Social Security taxes they will pay?
Hendrickson Corporation reported net income of $50,000 in 2012. Depreciation expense was $17,000. The following working capital accounts changed.
Determine the amount of cash received and prepare the journal entries for (a) the Jan. 1 issuance and (b) the Dec. 31 recognition of interest.
Electricity is billed by kilowatt hour. According to its first bill, Raymondo's paid $573 for 3,000 kilowatt hours in January.
Prepare a schedule of future taxable and deductible amounts. Prepare the journal entry to record income tax expense, deferred taxes, and income taxes payable for 2007, assuming a tax rate of 40% for all years
Nelson Company purchased equipment on July 1 for $27,500 and decided to depreciate the equipment on the straight-line method over its useful life of five years. Assuming the equipment's salvage value is $3,500, the amount of monthly depreciation e..
The carrying amount on Blue's books of Red's $1 par common stock was $2 per share. Immediately after the declaration, the market price of Red's stock was $2.50 per share. In its income statement for the year ended June 30, 2009, what amount should..
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