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If fixed costs are $250,000, the unit selling price is $125, and the unit variable costs are $73, what is the break-even sales (units)? Answer 3,425 units 2,381 units 2,000 units 4,808 units Break-even = 250000/(125-73) = 250000/52 = 4808 units
What are the general types of subsequent events that require Green's consideration and evaluation? What are the auditing procedures Green should consider performing to gather evidence concerning subsequent events?
Jerry transfers two assets to a corporation as part of a Sec. 351 exchange. The first asset has an adjusted basis of $70,000 and a FMV of $50,000. The second asset has an adjusted basis of $70,000 and a FMV of $150,000. The FMV of the stock receiv..
Columbia Corp held 1,500 of Vianco common stock with a cpst of $74,387. These shares were classified as a long term available-for-sale investment. It sold the shares on December 31st for $55,275. Prepare the journal entry to record this sale.
Evaluate whether the Dodd-Frank legislation can prevent a financial crisis in the future. Provide your rationale.
How do supply, demand, and price controls interact to affect farm production in Columbia and Afghanistan? How does the illicit nature of drug imports from Columbia and Afghanistan affect consumer behavior?
Does Nancy, Guy, or Rod recognize gain (or income)? What basis does Guy have in the Goldfinch stock? What basis does Goldfinch Corporation have in the inventory? In the land and building? What basis does Rod have in the Goldfinch stock?
Cindy Lore, his accountant, says that more information is needed to determine the firm's financial well being. Analyze the situation and determine who is correct and support your position.
Either hedging a portfolio or increasing the returns, managers use one or a combination of five option strategies: spreads, straddles, strangles, covered calls, and condors. Select two of these strategies, explain how it works, and provide a speci..
Victor called you and was in a panic as he had just received a letter from the IRS, requesting an audit of his business. The letter specifically asked for support for the $ 150,000 truck operating expense. Victor had no receipts.
Jerry, a general contractor by trade, is a tenant of Montgomery Apartments. In exchange for four months rent at $900 per month, Jerry provided the following items and services for Paul, the owner of the apartments: How should Paul treat this trans..
On January 1, 2011, Sledge had common stock of $120,000 and retained earnings of $260,000. During that year, Sledge reported sales of $130,000, cost of goods sold of $70,000, and operating expenses of $40,000.
The division sale was completed in March 2010, and Employer refused to pay Employee any part of the net sale proceeds or any accrued net profits. Employee sued to collect her share of the net proceeds of the sale and the net profits accrued as of ..
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