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Kerry Corp purchased a used bottling machine from Bob's Bottling Inc. on Jan 1, 2012 for $450000. Bob accounted for the sale correctly under the installment sales method. It had a book value of $225000. Kerry paid with $75000 cash and a note for $375000 with an annual interest of 10%. Kerry agreed to make equal annual payments of $125000. Kerry Corp made their first payment on Jan 1, 2013 of $162500 which included interest of $37500 to date of payment.
As of Dec 31, 2013 Bob has deferred gross profit of?
Compare the total tax burden for Carol and the corporation with and without the S election. Consider both income and employment taxes. Carol is single and does not itemize her deductions.
Tucker Drillin Corp. plans to borrow $200,000. Northern National Bank will lend the money at one-half percentage point over the prime rate of 8.5% (9 percent total) and requires a compensating balance of 20 percent.
At 12/31/12, the end of Jenner Company's first year of business, inventory was $4,100 and $2,800 at cost and market, respectively. Following is data relative to the 12/31/13 inventory of Jenner.
Identify characteristics that distinguish NFP from business enterprises. Specifically identify, from most important to least important, five accounting issues relevant to NFP financial reporting and explain your rationale by reference to existing ..
Rob was given a residence in 2010. At the time of the gift, the residence had a fair market value of $200,000, and its adjusted basis to the donor was $140,000. The donor paid a gift tax of $10,000 on the taxable gift of $188,000. What is Rob's ba..
Compute the simple rate of return on the new automated bottling machine. Use straight-line depreciation method. (Round your percentage answer to one decimal place.
entries for bond transactions on january 1 2012 osborn company sold 12 bonds having a maturity value of 800000 for
montgomery company purchased an electric wax melter on april 30 2013 by trading in its old gas model and paying the
velazques jeep tours operates jeep tours in the heart of the colorado rockies. the company bases its budgets on two
xs supply company is developing its annual financial statements at december 31 2010. the statements are complete except
Collins, Inc., a domestic corporation, operates a manufacturing branch in Singapore. During the current year, the manufacturing branch produces a loss of $300000.
Should intangible assets always be amortized over their legal lives? Explain. What are the basic issues related to accounting for intangible assets?
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