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For a 20% interest in partnership capital, profits and losses, Kasi contributes a machine having a basis of $30,000 and a FMV of $40,000. The partnership also assumes a $24,000 recourse liability secured by the machine. The partnership has $6,000 in recourse liabilities immediately preceding Kasi's contributions. Partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses. Kasi's basis in the partnership interest is:
a. $10,800
b. $12,000
c. $13,200
d. $30,000
Page Company is contemplating the acquisition of a machine that costs $50,000 and promises to reduce annual cash operating costs by $11,000 over each of the next six years.
One drawback of the payback criterion for evaluating projects is that this method does not properly account for the time value of money. Why do you think this is a correct statement?
Is Margaret's behavior regarding the cost information she provided to Susan unethical? Explain your answer.
A salesperson from a different computer company claims that his machine, which costs $85,000 and has an estimated service life of four years, will generate annual savings for the city of $32,000.
Prepare the adjusting entry that records bad debts expense. Prepare the journal entry that records a write-off of a $700 uncollectible account receivable.
Assuming the Box Division has enough excess capacity to supply all of the Rolling Division's needs, which of the following is the range at which a negotiated transfer price between the two divisions should occur?
Compute the weighted-average number of shares to be employed in computing earnings per share for 2013.
a. Which company has the higher profit margin? b. Which company has the higher investment turnover? c. Based solely on the data given, in which firm would you prefer to invest
Gridiron University is a private university. A successful alumnus has recently donated 1,000,000 to Girdion for the purpose of funding a "center for the study of sports ethics."
Sales 380,000 units, estimated ending finished goods inventories for December 31, 2011 are 20,000 units and beginning ending fnished goods at Jan 1, 2011 are 8,000 units.
Your colleague is infatuated with a woman whom you know to be promiscuous. Since this colleague is also a close friend, you are concerned about his/her welfare.
General government revenues for the year were $800,000 with an overall increase in the city's net assets of $150,000.
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