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Fran owned an equipment rental business in her sole name for four years. After her business advisors suggested that she conduct her equipment rental activity in corporate form, she promply transferred the equipment to Rental Corporation, a newly formed corporation. Fran received all of the stock of Rental Corporation in exchange for the equipment. At the time of the transfer of the equipment to Rental Corporation, Fran's adjusted basis in the equipment was $50,000, the fair market value was $150,000, the equipment was subject to a security agreement and note assumed by the corporation of $70,000, and there was depreciation recapture potential of $12,000. Fran received stock of Rental Corporation worth $80,000. As a result of the transaction, how much gain did Fran recognize, what was the character of that gain and what is the corporation's basis in the equipment.
Kinney Company purchased a truck for $57,000. The company expected the truck to last four years or 100,000 miles, with an estimated residual value of $6,000 at the end of that time. During the second year the truck was driven 27,000 miles. Compute..
Which of the following is the least likely means a company might choose to meet the needs of international investors?
Recommend at least one improvement in the Website's sales order process you would implement to make it more efficient. Then, assess whether the recommendation warrants the benefits to clients versus the cost of implementation for the company. Prov..
Locate the income statement of a company in each of the following industries: pharmaceutical, technology, retailer-groceries, and automobile manufacturer.
What amount of the acquired net capital loss of $80,000 can be used to offset Gate Corp's net capital gain for 2010?
When Nils dies this year, the $50,000 cash is still in a savings account. The consideration offset when computing Nil's gross estate is :
White Industries started their operations on January 1, year 1 and recorded $400,000 in warranty expense during the year. Warranty expense was the only difference between the company's pretax financial income and its tax return income of $900,000.
Sales were $15 million and actual warranty expenditures were $20,000 for the first year of selling the product. What amount should Right report as a liability at the end of the year?
Red Wing Company applies factory overhead based on direct labor costs. The company incurred the following costs during 2011: direct materials costs, $637,500; direct labor costs, $2,500,000; and factory overhead costs applied, $1,000,000.
For the credit sales, 50% are collected in the month of sale, and 50% the next month. The total expected cash receipts during September are:
Prepare responses to the following assignments from the e-text, Fundamentals of Financial Accounting 1st ed., by Phillips, Libby, and Libby-Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entri..
Actual overhead for June was $15,800 variable and $9,100 fixed, and standard hours allowed for the product produced in June was 3,000 hours. The total overhead variance is?
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