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Desmond Photocopying and Supplies, Inc. exchanges an old photocopying machine (with an adjusted basis of $0 and a FMV of $5,000) plus $3,000 in cash for a new photocopying machine. Desmond's book value in the machine is $4,000. The FMB of the new machine is $8,000. How does this exchange affect the company's taxable income and its net income for financial accounting purposes for the tax year of the exchange? What is its adjusted basis in the new photocopying machine?
why are noncash transactions such as the exchange of common stock for a building for example included on a statement of
the heating division of klm international produces a heating element that it sells to its customers for 40 per unit.
A company with a break-even point at $900,000 in sales revenue and had fixed costs of $225,000. When actual sales were $1,000,000 variable costs were $750,000. Determine (a) the margin of safety expressed in dollars, (b) the margin of safety expre..
jose purchased a vehicle for business and personal use. in 2013 he used the vehicle 18000 miles 80 for business and
how do you work this transaction?the note payable relating to the june 2 and 10 transactions is a five year note with
Identify some specific strategies that might elevate consciousness about white collar crime. What are some of the major policy options for responding to white collar crime generally? Which overall strategy, if any, is most likely to succeed, and w..
how can a minor change in demand at the retail level can significantly impact supply chain variation for wholesale
What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle?
the following are various activities an auditor does during audit planning.1. send an engagement letter to the
Do you think that it is a wise investment to contract services that provide security against fraud or should it be an in-house department that provides fraud security services?
inventory errors mclelland inc. reported net income of 150000 for 2011 and 165000 for 2012. early in 2012 mclelland
the united kingdom has adopted accounting principles that provide disclosure designed to reflecta. economic
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