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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..
Amazon.com's financial statements in Appendix A at the end of this book reveal some interesting relationships. Answer these questions about Amazon.com:
Which of the following is a requirement of the Sarbanes-Oxley Act?
Which method of accounting (GAAP or IFRS) do you more closely agree in concerning the allocation of purchase price? Explain your rationale.
On August 1, 2009, the company is paid $3,840 cash in advance to provide monthly service for an apartment complex for one year. The company began providing the services in August. When the cash was received, the full amount was credited to the Ext..
Omicron Co. made a justifiable change in its method of accounting for long-term contracts. The cumulative effect of this change in accounting principle should be reported in comparative financial statements:
Ten pairs of points yielded a correlation coefficient r of 0.790. If a + 0.05 which of the following statements is correct if H0 : p =0? ( Do not calculate a t-value)
The committee which is responsible for holding hearings on tax legislation for the House of Representatives is the
On January 1, 2010, Reston Co. purchased 25% of Ace Corp.'s common stock; no goodwill resulted from the purchase. Reston appropriately carries this investment at equity, and the balance in Reston's investment account was $720,000 at December 31, 2..
A check drawn by a depositor in payment of a voucher for $925 was recorded in the journal as $295. What entry is required in the depositor's accounts?
A substantial number of hours was spent by Raleigh and Mincin in resolving relatively minor differences between the confirmation replies and the accounting records. Alternative audit procedures were used for supplier who did not respond to the con..
How much cash flow did the company have from Operating, Investing and Financing actvities.
The car was covered by a $2,000 deductible insurance policy. Norm did not file a claim against the insurance policy because of a fear that reporting the accident would result in a substantial increase in his insurance rates. His adjusted gross inc..
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