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Presented below is information related to Zonker Company.
1. On July 6 Zonker Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is:
Land $ 400,000
Building 1,200,000
Machinery and equipment 800,000
Total $2,400,000
Zonker Company gave 12,500 shares of its $100 par value common stock in exchange. stock had a market value of $168 per share on the date of the purchase of the property.
Basis of Inherited Property. The basis of property acquired from a decedent is generally fair market value at date of death. What are the two exceptions to this rule ( do not include property subject to special-use valuation)?
Determine the amount to be added to Allowance for Doubtful accounts in each of the following cases. (a) Balance of $500 in the allowance account just prior to adjustment. Analysis of accounts receivable indicates doubtful accounts of $9,500.
Eric lives in a home with a six-plex located at the rear of the property. On his tax returns, he allocates 60% of all expenses to the apartment building.
Mary is buying several items that cost $128.25 total. She is using a store coupon for 35% off her purchases. She has to pay 4% sales tax. Calculate the total cost of the items.
Globetrotter Store has a budgeted sales of $48000 for its wood department in December. Management wants to have $11000 in wood inventory at the end of December. The beginning inventory of wood toys is expected to be $9000.
A building acquired at the beginning of the year at a cost of $316.000 has an estimated residual value of $48,000 and an estimated useful life of 40years. Determine (a) the depreciable cost, (b) the straight-line rate, and (c) the annual straight-..
Smith Corporation is preparing its December 31, 2009, balance sheet. The following items may be reported as either a current or long-term liability.
Financial leases are considered to be the same as a purchase and therefore the asset is placed on the lessee's financials. Do you feel that it is proper treatment to consider the asset as the property of the lessee even though no title has passed ..
In the month of June, Paula's Beauty Salon gave 3,800 haircuts, shampoos, and permanents at an average price of $32. During the month, fixed costs were $17,664 and variable costs were 77% of sales.
LaFond Company analyzes its accounts receivable at December 31, 2010, and arrives at the aged categories below along With the percentages that are estimated as uncollectible.
The marketing manager has recommended that the selling price be increased by 20%, with an expected decrease of only 10% in unit sales. What would be the company's net operating income if the marketing manager's recommendation is adopted?
What is the amount of depreciation, using the double-declining-balance method, for the third year of use for equipment costing $9,000, with an estimated residual value of $600 and an estimated life of three years?
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