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On November 4, 2012, Blue Company acquired an asset (27.5-year residential real property) for $200,000 for use in its business. In 2012 and 2013, respectively, Blue took $642 and $5,128 of cost recovery. These amounts were incorrect; Blue applied the wrong percentages (i.e., those for 39-year rather than 27.5-year assets). Blue should have taken $910 and $7,272 cost recovery in 2012 and 2013, respectively. On January 1, 2014, the asset was sold for $180,000.
a. The adjusted basis of the asset at the end of 2013 is $.
b. The cost recovery deduction for 2014 is $.
c. The Select loss gain Item 3 on the sale of the asset in 2014 is $.
George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbrsement from Toyboat of $5,000 to cover his employee business..
he paid the balance by a loan from his hometown bank. The loan is to be paid on a monthly basis for 2 years charging 12 % interest. Find how much are the monthly payments?
The Wessels Corporation is considering installing a new conveyor for materials handling in a warehouse.
Acorn Corp. had total variable costs of $193,984, total fixed costs of $150,048, and total revenues of $303,100. Compute the required sales in dollars to break even.
Before considering the above dividends, Sonoma has taxable income of $550,000. Compute Sonoma's allowable dividends-received deduction and final taxable income?
Emig retired $4,500,000 of the outstanding bonds at par plus a call premium of $105,000. What amount should Emig report in its 2013 income statement as loss on extinguishment of debt (ignore taxes)?
comparison of mutually exclusive projects based on eac amp npv.eads industrial systems company eisc is trying to decide
1. chapters 15 stockholders equityreview your sec 10-k report and analyze the balance sheet statement of owners equity
Determine the earnings per share on common stock, assuming that the income before bond interest and income tax is (a) $10,000,000, (b) $12,000,000, and (c) $14,000,000.
If the firm is operating at full capacity and no new debt or equity is issued, what is the external financing needed to support the 20 percent growth rate in sales?
Killy and a key supplier have entered into an arrangement that will result in a per-unit decrease in Killy's variable cost of $0.50 next year. Rental space will also be reduced, thereby decreasing fixed costs by 10 percent. Given the new cost equatio..
As the source data (i.e. selling price, variable cost per unit, fixed costs and units sold) will change on a monthly basis, you should use formulas to automatically calculate the following values for the income statement and cost-volume-profit ana..
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