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During the year, Henry, a sole proprietor, sold for $65,000 a machine that was used in his business. The machine had been purchased in 2003 for $50,000, and when it was sold it had an adjusted basis of $30,000. How should this gain be treated?
a) Ordinary income of $35,000
b) Section 1231 gain of $35,000
c) Section 1231 gain of $20,000 and ordinary income of $15,000
d) Section 1231 gain of $15,000 and ordinary income of $20,000
e) None of the above
The rate of a first-order reaction is followed by spectroscopy, monitoring the absorption of a colored reactant at 520 nm. The reaction occurs in a 1.48- cm sample cell, and the only colored species in the reaction has an extinction coefficient of..
Illustrate with a diagram and explain the long-run perfectly competitive equilibrium for the firm and explain and illustrate using a diagram why a monopolist would never produce in the inelastic range of the demand curve.
Is the apple pie market perfectly competitive? Why or why not? b. With this data, draw a graph of the linear demand curve for Granny's apple pies. c. Find the price elasticity of demand at each of of the three prices.
You need to load 10 ug of protein into one of the wells of a gel. This needs to be in 1x buffer and in a total volume of 15 uL. You are given a 10 ug/uL solution of protein, a 5x buffer, and water. How much of each should you mix to load the gel c..
The best we can do is to use one-way ANOVA and make sure to randomize the treatments to the experiment units. Why is such a randomization important?
A concentration of 0.5 ppm by volume SO2 in air is harmful to plant life. What is the percent by volume of this concentration
Starting with 10mL of original culture, you created three serial dilutions as follows. You removed 0.1 ml from the original culture diluted it into 0.9 ml of broth to make dilution "1".
Explain how new Classical and new Keynesian theory overcame their respective weaknesses/criticism as they borrowed from each other and are currently able to coexist successfully.
Determine the expression for the rate of reaction with respect to each of the reactants and products
The Judy Gray Income Tax Service is analyzing its customer service operations during the month prior to the April filing deadline. On the basis of past data it has been estimated that customers arrive according to a Poisson process with an average in..
Determine the amount to be added to Allowance for Doubtful Accounts in each of following cases.
Write a 200- to 300-word response to the problem. In addition, include your analysis of indicators such as earnings per share, operating income, and comprehensive income.
The Heymann company's bonds have 4 years remaining to maturity. Interest is paid annually; the bonds have a $1,000 at maturity. Bond L has a maturity of 15 years, and Bond S a maturity of 1 year.
Assume Green Leaf Nursery anticipated sales of $500 in the first quarter. Accounts receivable at the beginning of the year was $300. Assuming a collection period of 30 days, which is the approximate beginning balance for the second quarter?
Is the proposed change in asset life unethical, or is it simply a good business practice by an astute president?
Over the next few years companies will be shifting away form GAAP to IFRS (International Financial Reporting Standards). GAAP was a rules based approach to accounting where IFRS is a more principals based approach to accounting.
January 1, 2010, Sands Company had Accounts Receivable $55,000 and Allowance for Doubtful Accounts $4,400. Sands Company prepares financial statements annually and uses a perpetual inventory system. During the year the following selected transacti..
In 2009, Magic Table Inc. decides to add a 36-month warranty on its new product sales. Warranty costs are tax deductible when claims are settled. In its financial statements for 2009, Magic Table Inc incurs:
Burger Corp has $500,000 of assets, and it uses only common equity capital (zero debt). Its sales for the last year were $600,000, and its net income after taxes was $25,000.
Kaylyn is a 40% partner in the KKM Partnership. During the current year, KKM reported gross receipts of $160,000 and a charitable contribution of $10,000. The partnership paid office expenses of $100,000. In addition, KKM distributed $10,000 each ..
You decide that you will address Smackey Dog Food, Inc.'s accounts receivables through confirmations. Discuss the various types of confirmations and what forms you will implement and why.
The market price of the common stock was $31 per share at the date of the grant. G Corp. used the Binomial pricing model and estimated the fair value of each of the options at $10. What amount should G charge to compensation expense for the year e..
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