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Big Lake Boat Tours sold off one of their tour boats that was toosmall to meet the current needs of business.The boat was sold toAbe's Used Boats for $25,000. Big Lake book value of the boat was$15,000. The boat, which turned out to be a collector's item, was sold two weeks later by Abe to Sam Boat Tours for $150,000. Explain the difference between the two transactions from the standpoint of the seller. Use the component elements of income to support theanswer.
A clerk accidentally posts a prenumbered sales invoice of $625 as $265 to a customer's account. What control would detect this error?
On the following facts about an Enterprise Fund for a utility operation: Invested in capital assets, net of related debt, would be?
Anyone who failed the test must take a retest. Since a greater percentage of students who took the morning test failed the test than students who took the afternoon test, more of Orlof's morning history students than afternoon history students wil..
The following information is given for Alpha and Beta Divisions of Fraternity Corporation. If Fraternity Corporation uses ROI to evaluate division managers, and uses historical cost as the investment base, compute the ROI for Alpha and Beta.
2,000,000 shares of capital stocks at $3 par value were issued the company issued half of the stock for cash at $8 per share, and earnded $90,000 during the first three months of operation, and declared a cash dividend of $15,000 what would be the..
At December 31, 2008, the trial balance of Worcester Company contained the following amounts before adjustment. Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the a..
What is Howell's correct ending inventory balance at December 31, 2010?
Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Stallman report as its December 31 inventory?
Calculate the amount of gift tax due (if any) on the 2008 gift, given Chris has made only one prior taxable gift of $1.5 million in 2005, at which he used the applicable unified credit. Please note the annual exclusion in 2008 was $12,000.
For the current year, Maple Corporation, a C corporation, reports taxable income of $200,000 before paying salary to its sole shareholder, Diane.
Briefly - in 150 words or less - describe the effect of cost structure on profitability, including recommendations for each company given the current economic environment, as you understand it.
Determine Hassell's and Lawson's participation in the year's net income of $312,000 under each of the independent assumptions above.
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