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On January 2, Year 3, Tasha Corp purchased and placed into service 7-year MACRS tangible property costing $100,000. On December 31, Year 5, Tasha sold the property for $102,000, after having taken $47,525 in MACRS depreciation deductions. What is the realized gain, recognized gain and character (1231 (capital) v. ordinary)?
Compute the equivalent units of the weighted average method? Beginning inventory, 8000 partially completed Transferred out, 42000 gallons Ending inventory (materials are 10% complete; conversion costs are 20% complete) Started this month, 48000 gallo..
Prepare a summary cash budget for the year, showing any borrowing and repayment of debt with interest. Discuss Big Als ability to repay the expansion loan. Include a discussion of the feasibility of the project. Include qualitative factors to be c..
The Denim World sells fabrics to a wide range of industrial and consumer users. One of the products it carries is denim cloth, used in the manufacture of jeans and carrying bags.
Management estimates that it costs $500 to analyze and close a commerical loan. This amount has been included in the $250,000 of inderict costs. How much of the $250,000 indirect costs should be allocated to the Consumer Department?
Bonds uses a discount rate of 11 percent and wants projects to have a payback period of no longer than five years. Present value tables or a financial calculator are required.
Prepare a schedule showing the annual depreciation and end of year accumulated depreciation for the first three years of the asset's life under the straight-line method.
If purchases for April, May, and June were $200,000, $160,000, and $250,000, respectively, what was the firm's budgeted payables balance on June 30?
Mary, a U.S. citizen owned 25% of the stock of Floran Corporation, an electing S corporation. At the time of her death, the Floran stock may go to all the following without affecting the S election except
Identify several pervasive factors that might motivate management to misstate assertions in the expenditure cycle.
Ludwig, Inc., which owes Giffin Co. $2,400,000 in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to accept from Ludwig land having a fair value of $1,830,000 and a recorded cost of $1,350,000.
Using published sources, identify the process of cost committment during various phases of some product's life cycle. Try to find several examples so that you can contrast the rate of cost committment for different products.
Does the president's request pose an ethical dilemma for the controller?
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