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Mitchell and Debbie, both 55 years old and married, sell their personal residence to Sophie. Sophie pays $225,000 and assumes their $70,000 mortgage. To make the sale they pay $4,000 in commissions and $1,000 in legal costs. They have owned and lived in the house for seven years and their tax basis is $125,000. What is the amount of gain reconized on the sale?
in 2013 alex a calendar-year taxpayer purchased business equipment 5-year property for 700000. the property was placed
write a letter to apollo shoes addressing the key points listed below assume the role of an auditor at a local firm
Use the checklist to outline phases of the internal control evaluation. You may use the (1) components of internal control, or (2) relevant assertions as headers within your checklist.
a company purchases machinery costing 50000 in october of 2006. five years later they discover that a better more
produces memory enhancement kits for fax machines. sales have been very erratic with some months showing a profit and
whitten corporation was organized on january 1 2012. it is authorized to issue 21200 shares of 5 50 par value preferred
a variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited
1.on may 1 20xx a firm purchased a 1 year insurance policy for 1800 and paid the full premium in advance. the insurance
For the month of April, actual direct labor hours amounted to 2,000. In April, Thorp's standard direct labor rate per hour was:
A company bought a new machine for $27,000 on January 1. The Machine is expected to last 10 years and have a residual value of $4,000. If the company uses the double-declining balance method, accumulated depreciation at the end of year 2 will be:
abe and brenda formed the ab partnership ten years ago as a general partnership and have been very successful with the
during the current year angela sustains serious injuries from a snow skiing accident. she incurs the following
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