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The following events occurred for Taylor Corporation: a. Received investment of $17,000 cash by organizers and distributed 1,000 shares of $1 par value common stock to them. b. Purchased $4,000 of equipment, paying $500 in cash and signing a note for the rest. c. Borrowed $4,500 cash from a bank. d. Loaned $250 to an employee who signed a note. e. Purchased $7,500 of land; paid $2,000 in cash and signed a mortgage note for the balance. Required: For each of the events (a) through (e), perform transaction analysis and indicate the account, amount, and direction of the effect ( + for increase and - for decrease) on the accounting equation. Check that the accounting equation remains in balance after each transaction. Use the following headings: Event Assets = Liabilities + Stockholders' Equity
a company has a balance of 300000 in its common stock account. the par-value of the common stock is 10share. the
Prepare the income statement, balance sheet and statement of changes in shareholders' equity for the month of January, 2009 in their proper formats.
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On this date the company concludes that the equipment has a remaining useful life of two years with the same salvage value. Compute the revised annual depreciation.
If a partner has a basis of $20,000 and receives a property distribution with a fair market value of $100,000 and a net book value of $30,000, why doesn't the partner have a taxable gain?
sec filings of certain public companies can be accessed from edgar electronic data gathering and retrieval system which
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What is the amount of the child and dependent care credit they should report on their tax return for 2008?
the good news company produced 5200 units of their product that required 3.2 standard hours per unit. the standard
As you discuss the tax-free sale with Emily and Richard, you present several accounting methods for the acquisition-cost basis, equity basis, or consolidated basis. In your presentation, include the following information:
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