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Lawler Clothing sold manufacturing equipment for $34,000. Lawler originally purchased the equipment for $98,000, and depreciation through the date of sale totaled $80,000.
What was the gain or loss on the sale of the equipment?
What industries do you think have the hardest time estimating warranty costs?
The enacted tax rate increased to 30 percent in Year 2 compared to an enacted rate of 20 percent in the prior year. At December 31, Year 2, the company would record a deferred tax expense of ?
Lance Brothers Enterprises acquired $750,000 of 1% bonds, dated July 1, on July 1, 2011, as a long-term investment. Management has the positive intent and ability to hold the bonds until maturity.
The methods of evaluating capital investment proposals can be grouped into two general categories that can be referred to as (1) methods that ignore present value and (2) present values methods.
The board of directors declared and paid a $3,000 dividend in 2009. In 2010, $12,000 of dividends are declared and paid. What are the dividends received by the common stockholders in 2010?
If the new clerk in the accounting department insists on including the sales revenue account on the post-closing trial balance, would you agree? Why, or why not?
Peter Kalle Company had the following account balances at year-end: cost of goods sold $55,243; merchandise inventory $15,153; operating expenses $29,503; sales $105,181; sales discounts $1,273; and sales returns and allowances $1,546. A physical ..
Jacks Corporation purchases $200,000 bonds plus accrued interest for 2 months of $2,000 from Kennedy Company on March 1. The bonds have an annual interest rate of 6% payable on June 30 and December 31.
Richard exchanges a building with a FMV of $75,000, a basis of $35,000, and subject to a liability of $25,000 for land with a FMV of $50,000 owned by Bill. What is the amount of Richard's realized gain?
Twelve percent of the containers were not returned. The deposits are based on the container cost marked up 20%. What is cost of goods sold relative to this forfeiture?
To make the settlement equal, Donald agreed to pay Marla $600,000, payable over 10 years at 8% interest. For several years, Donald deducted the interest on his Federal income tax return as investment interest. Upon audit, the IRS disallowed the in..
"Cost allocation is arbitrary, so there is nothing gained by it. We should report only the costs we know are direct." Do you agree? Why?
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