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Sissie owns two items of business equipment.. They were both prchased in 2009 for $100,000, both have a seven-year recovery period, and both have an adjusted basis of $37,490. Because both items were used in her business, Sissie simply assumes that the loss on one will be offset against the gain from the other and that the net gain or loss will increase or reduce her business income. Is She correct? Explain.
A factory machine was purchased for $25,000 on January 1, 2003. It was estimated that it would have a $5,000 salvage value at the end of its 5-year useful life.
It is sometimes said that in debt service funds, the accounting for interest revenue is inconsistent with that for interest expenditure. Explain. What is the rationale for this seeming inconsistency?
It is now July 31st. You are continuing to advise Dr. Leo Krusack on basic accounting procedures. His practice had the following transactions during July.
Calculate the payout ratio and return on common stockholders' equity ratio for 2004 and 2003.
rosario company which is located in buenos aires argentina manufactures a component used in farm machinery. the firms
Catalina works for a regional sales branch of a large pharmaceutical company. Individual employees as well as individual goals, he or she receives a large bonus check at the end of the year.
discuss the relationships between the companys balance sheet income statement and statement of retained earnings i.e.
mitchell company had the following budgeted sales for the last half of last yearcash salescredit salesnbspnbspjuly70000
Assuming no impairment in value prior to transfer, how would one record assets transferred by a parent company to another entity it has created on the newly created entity's books?
discus the steps that have been taken recently to promote greater accuracy and reliability of information concerning
huron corp. operates in an industry that has a high rate of bad debts. nbspon dec.31 before any year end adjustments
Lon expects each van to make ten round trips weekly and carry an average of six students each trip. The service is expected to operate 30 weeks each year, and each student will be charged $12.00 for a round-trip ticket.
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