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Ms. D sold a business that she had operated as a sole proprietorship for 18 years. On date of sale, the business balance sheet showed the following assets:
The purchaser paid a lump-sum price of $345,700 cash for the business. The sales contract stipulates that the FMV of the business inventory is $165,200, and the FMV of the remaining balance sheet assets equals adjusted tax basis. Assuming that Ms. D's marginal tax rate on ordinary income is 35 percent and her rate on capital gain is 15 percent, compute the net cash flow from the sale of her business.
the fixed assets have estimated useful lives as follows building- 31.5 years computer equipment- 5.0 years office
Prepare the appropriate adjusting entry for vacations earned but not taken in 2011.
Describe the direct method for determining net cash provided by operating activities. What is the advantage of this method
what correctly describes the relationship between foreign currency transactions exchange rate changes and foreign
Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2011, balance sheet.
The income statement of Holly Enterprises shows operating revenues of $134,800, selling expenses of $38,310, general and administrative expenses of $36,990, interest expense of $580, and income tax expense of $13,920.
Prepare an income statement for the year 2014 using the multiple-step form. Common shares out-standing for 2014 total 40,550
remodeling and necessary equipment would cost 270000. the equipment would have a 15-year life and an 18000 salvage
In your own words, explain the recording process and the accounting equation to someone who has no accounting experience - Then, give your opinion on the elements or areas that might cause the most confusion or be the most difficult to grasp.
1.which one statement is true?a. one of the lessons learned from activity based costing is that all costs are really a
Should Terri Ronson go along with the general manager's request to reduce the direct labor hours in the predetermined overhead rate
the credit purchase of a delivery truck for 4700 was recorded to delivery trucks as a 4700 debit and to accounts
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