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On August 9, 2010, Egret Corporation acquired 100% of the outstanding stock of Aqua Corporation for $1 million and made a qualified section 338 election. On that date, Aqua Corporation had assets with a basis of $700,000 and E&P of $400,000. Assume that the aggregate deemed sale price and the adjusted grossed-up basis each equal $1.2 million and that Aqua Corporation is immediately liquidated. In general, what are the tax consequences to Egret and to Aqua of the section 338 election and the liquidation of Aqua?
A business pays weekly salaries of $15,000 on Friday for a 5-day week ending on day. The adjusting entry require at the end of fiscal period ending on Thursday is;
Determine predetermined allocation rate that should be used to assign manufacturing overhead to inventory units next year for internal reporting purposes.
Profit before tax is sh.800000 which includes sh.500000 grant that is not taxable and sh.20000 of expenses allowable for tax purposes.depreciation for p&l account amount to sh.120000 but was to be replaced by capital allowances of sh.150000.Tax ra..
Prepare the journal entry to recognize the income tax benefit of the operating loss. Airparts elects the carryback option.
Operating expenses other than depreciation for the year were $400,000. Prepaid expenses increased by $17,000 and accrued expenses decreased by $30,000 during the year. Cash payments for operating expenses to be reported on the cash flow statement ..
Prepare journal entries to record the pension expense and funding of plan assets to verify the change in the pension asset/liability.
James receives a gift of rare books valued at $10,000. The books have an adjusted basis of $6,000 to the donor. Several months later, James sells the books to a professional collector for $9,000. What is James‘s gain or (loss) on the sale?
Octagon Co. appropriately uses the installment sales method of accounting for its installment sales. Prepare journal entries to record the sale, collection, and recognition of gross profit.
In what types of situations could it be appropriate to use equity-method reporting even though the investor does not hold voting common stock of the investee? Explain.
Magrath Company has an operating cycle of less than one year and provides credit terms for all of its customers, On April 1, 2011, the comany factored, without recourse, some of its accounts receivable. What are the two basic approaches to estimat..
What is the total static-budget variance? A. $5,200 favorable b. $3,320 favorable c. $1,880 unfavorable d. $1,880 favorable 250. _______________ is a carefully predetermined amount usually expressed on a per-unit basis.
Prepare the necessary journal entry to closed the overhead account if the balance is considered immaterial.
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