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Cheryl and Nina formed a partnership. Cheryl received a 40% interest in partnership capital and profits in exchange for land with a basis of $60,000 and a fair market value of $80,000. Nina received a 60% interest in partnership capital and profits in exchange for $120,000 of cash. Three years after the contribution date, the land contributed by Cheryl is sold by the partnership to a third party for $90,000. How much taxable gain will Cheryl recognize from the sale?
a) $4,000.
b) $12,000.
c) $24,000.
d) $30,000.
e) None of the above.
Calculate your times interest earned ratio both with and without the new debt financing. Calculate the expected EPS next year, both with and without the new debt financing.
Gilkey Security Systems has the following for the year ended 12-31-09 before adjustments. Gilkey uses the aging method of estimating bad debt expense. The journal entry for estimating bad debt expense at year end is:
Which of the following is not a difference between financial accounting and managerial accounting?
What is meant by an entity's functional currency and what are the economic indicators indentified by the FASB to provide guidance in selecting the functional currency? Why is this an important question?
Willie purchased a whole-life insurance policy on his brother, Benny. under the policy, the insurance company will pay the named beneficiary $100,000 upon the death of the insured, benny.
When calculating debt to equity ratio: A) Convertible bonds should be treated as debt B) Convertible bonds should be excluded from debt but not included in equity
Gentry Company produces speaker systems for trucks. Estimated sales (in units) in January are 20,000; in February 25,000; and in March 22,000. Each unit is priced at $45. Gentry wants to have 25% of the following month's sales in ending inventory.
Which one of the following will increase the operating cycle?
Printers Inc. manufactures and sells a mid-volume color printer (MC) and a high-volume color printer (HC). Each MC requires 100 direct labor hours to manufacture, and each HC requires 150 direct labor hours.
Nance Company owns 30% interest in the stock of Finley Corporation. During the year, Finley pays $25,000 in dividends to Nance, and reports $100,000 in net income. Nance Company's investment in Finley will increase by
If Alice decides to buy the investment, she would receive the first $250 payment one year from today. How much should Alice be willing to pay for this investment?
A supplies account has a balance of $810 at the beginning of the year and was debited during the year for $1,950, If $650 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year woul..
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