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Leon sold a piece of business equipment that had an adjusted basis to him of $70,000 for $87,000 cash plus artwork that had a fair market value of $23,000. The buyer assumed Leon's $28,000 loan on t
Wendy Epstein, a sales representative, earns an annual salary of $29,500 and receives a commission on that portion of her annual sales that exceeds 150,000.
XYZ Company had a net loss of $90,000 from operations in 2007. Tina owns XYZ and works 20 hours a week in the business. She has a large amount of income from other sources and is in the 33% marginal
What gain or loss is recognized by the corporation when it issues its shares to John? What is the basis to the corporation of the property it received from John?
If priory agreement existed that overtime would be paid at the rate for the job performed after the 40th hour, the gross pay would be....................
In addition, he attended the company's 4-hour work training session on Wednesday evening. Porter's hourly rate of pay is 14.80 per hour. a. Porter's overtime for the week are..........
Sara owns a sole proprietorship and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how th
Amos, a single individual with a salary of $50,000, incurred and paid the following expenses during the year:
Kyle Forman worked 47 hours during the week for Erickson company at two different jobs. His pay rate was $14.00 for the first 40 hours, and his pay rate was $11.80 for the other 7 hours. Determine
The customer places 200 orders, orders 240 unique items, 1600 items, and makes 22 returns. What is the profit (loss) on this customer?
Prepare the journal entry to record the issuance of the bonds and the related bond issue costs incurred on January 1, 2009.
Small Industries has fixed costs of $ 100,000 and breakeven sales of $ 800,000. What is the firm's estimated pre-tax profit at $ 1,200,000 sales?
The Great View Shop sells an inexpensive, but high-quality, camera for $ 125. The firm has fixed costs of $ 150,000 and the firm's contribution margin amounts to 60% of revenue per unit. How many un
An executive complained, Why bother to measure when work rules and guaranteed employment provisions in labor contracts prevent discharging workers, using part-time employees, and using overtime?
What will be the incremental revenue generated if the rental company decides to accept the price offered by the group?
Explain why the interest rate for the loan that requires a review report is lower than that for the loan that did not require a review. Explain why the interest rate for the loan that requires an au
Your Fixed Costs (FC) for running your plant are $1,300,000 a month. This includes salaries, insurance, rent, amortized capitalization of equipment, etc.
Equipment with an estimated market value of 75,000 is offered for sale at 95,000. the equipment is acquired for 30,00 in cash and a not payable of 50,000 due in 30 days the amount used in the buyers
Prepare the budgeted income statement for Slopes, Inc., for the year ending December 31, 2010.
What gain and net reduction in retained earnings would result from this property dividend?
Expenses incident to the printing and sale of stock certificates 4,000 Assume Coral Corporation makes an appropriate and timely election under § 248. What is Coral's deduction for organizationa
What is the amount of accumulated depreciation at December 31, 2007, if the straight-line method of depreciation is used?