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assume your company just sold a mainframe computer. The computer originally cost $300,000 and had accumulated depreciation of $100,000 on the date of the sale. Instead of the buyer paying cash, she gave you a $400,000 noninterest-bearing note due and payable in 3 years. There is no established exchange price for the computer, and the note has no ready market. The pvailing rate of interest for a note of this type is 8%. What should your company record as a gain from the sale of this computer?
George's case was handled under the "small tax case procedure." He does not agree with the findings of the Tax Court. He would like to appeal the decision of the Tax Court. Which one of the following is true?
The sterling trusts owns a business and generated $100,000 in depreciation deductions for the tax year. Mona is one of the income beneficiaries of the entity. Given the following information, can Mona deduct any of the sterling depreciation on her..
Prepare a 2011 balance sheet for Cornell Corp. based on the following information: cash = $136,000; patents and copyrights = $630,000; accounts payable = $215,000;
Parsing Electronics is interested in expanding its operations with a new manufacturing facility in Slovakia. The company prepares a capital investment analysis on the validity of the project and finds that the project is viable. The company expect..
Last year, Loon sold an appreciated asset for $600,000 (basis of $200,000). Payment for one half of the sale of the asset was made this year. How much of Wendy's distribution will be taxed as a dividend?
Which of the following would an auditor most likely use in determining the auditor's preliminary judgment about materiality?
How do you determine the tax character of a recognized gain or loss? Would you rather have a realized gain or loss or a recognized gain or loss?
As the financial manager in developing forecast for the firm, where would you go to in order to start your forecast and refine it with more accurate future projections concerning interest rates, raw material prices, and the like to build your esti..
Using a weighted moving average with weights of 0.60, 0.30, and 0.10, find the July forecast. Using a simple three-month moving average, find the July forecast.
In 1995, Wallet Manufacturing Company constructed a plant for $500,000. In 2005, the following expenditures were made related to the plant: New roof -$20,000, Changing the useful life from 20 to 25 years, Painting - $10,000, Property tax - $25,000..
Compute the weighted average number of shares to be used in computing earnings per share for 2010.
Identify and briefly explain both a theory of corporate governance that supports a formal regulatory approach and a theory that supports a voluntary, self -regulation approach.
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