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A parcel of land is: offered for sale at $150,000, assessed for tax purposes at $95,000, recognized by its purchasers as being worth $140,000 and purchased for $137,000. The land should be recorded in the purchaser's books at:
A. $95,000
B. $137,000
C. $138,500
D. $140,000
E. $150,000
What is the current status of having the same accounting standards throughout the world? Is any work being done on developing International Accounting Standards? Would you vote for or against such standards, and why?
Carolina Products sells a unique item with the following information available.
Prepare journal entries to record the following transactions entered, answer the questions in accounting basics.
What percentage of the contribution margin is profit on units sold in excess of the breakeven point?
which of the following accounts is a monetary item?
The Pima and Southern Railroad (PSRR) is a small railroad operating in rural Arizona. It exists by carrying freight to remote areas of the southwest. This year the PSRR needs to replace a 30-mile section of its track. The PSRR has bids from a cont..
The equipment cost $540,000, had accumulated depreciation of $240,000 at the end of the year after recording annual depreciation, and had a fair value of $330,000. After the revaluation, the accumulated depreciation account will have a balance of:
Calculate cost of goods sold and ending inventory amounts under the cost-flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round your unit cost to 2 decimal places.)
Bickner Company provides the following information about its defined benefit pension plan for the year 2010.
Which of the following journal entries should be made to close the Encumbrances account at the end of the fiscal year?
Mayberry Gas Corp. sells $200,000 of bonds to private investors. The bonds are due in five years, have an 8% coupon rate, and interest is paid semi-annually. The bonds were sold to yield 6%. What proceeds does Mayberry receive from the investors?
How is FedEx performing? How, if at all, does its performance and plans affect your assessment of the sustainability of UPS=s current performance?
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