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Question:- A parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000. At the time of the sale, assume that the seller still owed $30,000 to the bank on the land that was purchased for $85,000. Immediately after the sale, the seller paid off the loan to the bank.
What are the effect of the sale and the payoff of the loan on the accounting equation, i.e. what are the increases and/or decreases in assets, liabilities, and owners' equity?
Under absorption costing a company had the following per unit costs when 10,000 units were produced. Compute the company's total production cost per unit if 25,000 units had been produced.
Justification for the method of determining periodic deferred tax expense is base on the concept of:
Please describe how to prepare necessary journal entries to record the issuance of bonds, the periodic interest, and amortization of bond premiums and discounts.
Suppose that the terms of trade between a buyer and a seller are free on board (FOB) destination. What document provides evidence that a liability exists and might be unrecorded?
Pick a country of your choice that is experiencing population growth.(I picked Mexico City,Mexico;18,131,000 in 2007, r is 1.7% expected to double in 40 years (0.69/0.017=40.6) pop. growth rate 1.142%(2008 est) find the most recent population coun..
Calculate the initial return earned by investors who are allocated shares in the IPO. What is the total cost ( underwriting fee and underpricing) of this issue to WCMC?
Virginia, who was experiencing financial difficulties, was able to adjust her debts as follows. Determine the tax consequences to Virginia.
Determine the total direct manufacturing cost. Briefly explain the difference between manufacturing overhead costs and selling and administrative costs. Calculate both the total manufacturing overhead cost and the total selling and administrative cos..
Zigs Industries had the following operating results for 2011: sales = $27,960; cost of goods sold = $19,360; depreciation expense = $4,940; interest expense = $2,190; dividends paid = $1,050.
What is the minimum transfer price Division A should charge for internal transfers? What is the maximum price Division B would be willing to pay? Why should Division A reduce its price to Division B?
Determine the company's predetermined overhead rate for year 2011. Assuming that the company's $57,000 ending Goods in Process Inventory account for year 2011 had $18,000 of direct labor costs, determine the inventory's direct materials costs.
How much overhead is allocated? What is the over/under absorbed overhead?
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