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Judy's mother, Sarah, died on July 2, 2006, leaving Judy her entire estate. Included in the estate was Sarah's residence (325 Oak Street, Cincinnati, OH 45211). Sarah's basis in the residence was $30,000. The fair market value of the residence on July 2, 2006, was $155,000. The property was distributed to Judy on January 1, 2007. The Vances have held the property as rental property and have managed it themselves. From 2007 until June 30, 2011, they rented the house to the same tenant. The tenant was transferred to a branch office in California and moved out at the end of June. Since they did not want to bother finding a new tenant, Paul and Judy sold the house on June 30, 2011. They received $140,000 for the house and land ($15,000 for the land and $125,000 for the house), less a 6 percent commission charged by the broker. They had depreciated the house using the MACRS rules and conventions applicable to residential real estate. To compute depreciation on the house, the Vances had allocated $15,000 of the property's basis to the land on which the house is located. The Vances collected rent of $1,000 a month during the six months the house was occupied during the year. They incurred the following related expenses during this period:Property insurance $500Property taxes 800Maintenance 465Depreciation (to be computed) ?
The following data is available regarding costs and units: Observation Machine-hours Total Operating Costs January 4,000 $45,900 February 5,000 52,500 March 3,400 44,025 April 4,40
Where the liabilities are identified but the amounts cannot be precisely found, we estimate the liability and give for it as a liability. A common illustration is income tax payabl
The level of activity at which total revenues eqivalent total costs. A point at which there is no profit and no loss.
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Manufacturing Concern to Organization There are three manufacturing centres as Making, Packing and Finishing. These are supported through five support departments, namely Mai
The Zooline Company (Pty) Ltd is an American based company that focuses on the LSM 8 -10 markets. They do vehicle interiors, raise or lower suspensions and install top end sound sy
The costs that are fixed irrespective of manufacture are fixed costs. EX: Rent, Depreciation. Fix cost is those cost who not alter in any time whether the production done or not
A CPA firm estimates that an audit will require the following work: Type of Auditor Expected Hours Cost per Hour Standard Costs Manager 10 $50 $ 500 Senior 20 40 800 Staff 40 30
Weston Corporation manufactures a product that is available in both a deluxe and a regular model. The company has made the regular model for years; the deluxe model was introduced
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