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During the current year, the Harlow Corporation which specializes in commercial construction, has the following property transaction C. A fire destroys the company's supply warehouse. The warehouse originally cost $300,000. and has an adjusted of $200,000. Its fair market value before the fire was $250,000. The insurance company pays Harlow $230,000. which it uses to acquire a warehouse costing $280,000. D. The city of PeaceDale condemns land that Harlow had acquired in 1978 for $22,000. and held as an investment. The city pays Harlow the $195,000. fair market value of the land. Harlow uses the proceeds to acquire a commerical office park for $350,000. Determine the realized and recognized gain or loss on each of Harlow's property transactions and the basis of any property acquired in each transaction
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables.
Orange Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the year in advance ($350 per year), or two years in advance ($680). In September 2009, the company collected the following amounts applicable to future services:
Prepare journal entries necessary for Crane during 2007 and 2008 to account for the transactions described above.
St. Joseph hospital has overall variable costs of 30% of total revenue and fixed costs of 42 million per year. Compute the break-even point expressed in total revenue.
Hay Company had January 1 inventory of $100,000 when it adopted dollar-value LIFO. During the year, purchases were $600,000 and sales were $1,000,000. December 31 inventory at year-end prices was $126,500, and the price index was 110. What is Hay ..
At December 31, 2010 and 2009, Glass Corp, had 120,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2010 or 2009. Net i..
At the end of the first year of operations, 7,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows.
prepare year-end adjustments to the following situations. omit explanations.accrued interest on notes receivable is
It is discovered in 2011 that ending inventory from 2009 is understated. What accounts will be affected by this understatement, and how will they be affected? This is a situation that really happens. Start with the 2009 inventory being understated..
classify the following costs as either product inventoriable costs or period non inventoriable costs in a manufacturing
Smithson corporation had a 1/1/08 balance in the allowance for doubtful accounts of $10000. During 2008, it wrote off $7200 of accounts receivable and collected $2100 on accounts previously written off.
If a firm issues a bond to raise money to finance a project, does this debt financing yield a zero net present value? ( assuming that the market is efficient in pricing and tax consequences are irrelevant). yes or no. explain?
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