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Barbara and Bill formed an equal partnership, B&B, a general partnership, on January 1, 2011. Barbara contributed $100,000 in exchange for her one-half interest. Bill contributed land worth $100,000 that had an adjusted basis to him of $30,000 in exchange for his one-half interest. Which of the following statements is accurate with respect to this transaction?
a. None of Barbara, Bill, or B&B recognized any gain or loss.b. Bill recognized gain of $70,000 , but Barbara and B&B did not recognize any gain or loss.c. B&B recognized gain or $70,000 , but Barbara and Bill did not recognize any gain or loss.d. Bill and B&B each recognized $70,000 of gain, but Barbara did not recognize any gain or loss.
Suppose the two firms act as perfect competitors and try to out compete each other and do not collude, what would be the optimal industry price and output?
For the following four cases, use the expanded accounting equation to compute the missing quantity.
You are the vice president of operations for a small manufacturing company that uses the absorptive method of accounting for fixed manufacturing overhead, and you are approaching the end of the year.
Edgemont paid cash dividend of 25,000 in 2006. No additional stock was issued. Compute the retained earnings on December 31, 2005, and 2006.
Why are there differences between taxable and financial income? What are some examples of permanent and temporary differences? Why do these differences exist? How do they affect the financial statements?
Read Company reported actual sales of $2,000,000, and fixed costs of $480,000. The contribution margin ratio is 30%.Compute the break-even point in dollars, the margin of safety in dollars and the margin of safety ratio.
Assume that a certain nursing home has two categories of payers. Medicaid pays $65.00 per day and private pay patients pay the established per diem, but approximately 10 percent of private-pay charges are not collected.
Determine which of the following is not an example of a decision or informed judgment that a potential employee could make from accounting information?
A foreign project that is profitable when valued on its own will always be profitable from the parent firm's standpoint. True or false? Explain.
On jan 1 07 daniels company contained these liability accts. Accts payable 42,500 Sales tax payable 6,600 Unearned service revenue 19,000 During january
The present value of $100,000 to be received in five years at an interest rate of 16% compounded annually, is $47,610. Calculate the present value of $100,000 for each of the following:
What term is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials cost, direct labor cost, and factory overhead cost?
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