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Last year, Lucy purchased a $100,000 account receivable for $80,000. During the current year, Lucy collected $85,000 on the account. What are the tax consequences to Lucy associated with the collect
Omar acquires used 7-year personal property for $100,000 to use in his business in February 2009. Omar does not elect § 179 expensing or additional first-year depreciation, but does take the ma
Hogan Company has other operating expenses of $260,000. There has been a decrease in prepaid expenses of $16,000 during the year, and accrued liabilities are $24,000 larger than in the prior period.
Easy-Gro Garden center expects to purchase $7,000 of mulch during April. Easy-Gro had $3,000 of mulch in inventory at April 1, and expects to have $2,000 of mulch in inventory at April 30th. What is
Prepare the journal entries to record (a) the issuance of the note by Mondovi Winery and (b) Silicon Valley receivable on December 1, 2011.
If the total sales-activity variance was $7,500 favorable, and the total master budget variance was $10,000 favorable, then the total flexible budget variance must have been?
Interest accrued monthly but all interest and principle will be paid upon maturity of the note. Prepare the July 31 journal entry for Red Brick Inc. capturing repayment of the entire note and intere
On December 1, 2010, Johnson sold the bonds for 98 plus accrued interest. Assuming straight-line interest, prepare the journal entries to record bond-related transactions on February 1, 2010, July 1
The following expenditures were incurred by obermeyer company in purchasing land: cash price $68,011, accrued taxes $3,3618, attorney's fees $2,877, real estate broker's commission $1,189, and clear
Seventy percent of sales are collected in the month of the sale, and the remaining balance is collected in the following month.
Presented below is selected information from the Greenville Company's current period accounting
Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor.
The Zero Machine Company is evaluating a capital expenditure proposal that requires an initial investment of $20,960 and has predicted cash inflows of $5,000 per year for 10 years. It will have no s
R-Ball Corporation manufactures deluxe and standard racquetball racquets. R-Ball's total overhead costs consist of assembly costs and inspection costs. The following information is available:
What would the amount be for net cash flows from operating activities for 2011?
The company expects to incur $56,400 of total inspecting costs this year. How much of the inspecting costs should be allocated to the Beginner model using ABC costing?
Michelle received a distribution of $8,000 cash from the partnership; and she had a 50% share in the $16,000 of partnership recourse liabilities on the last day of the partnership year. Michelle's a
A company incurs $1,350,000 of overhead each year in three departments: Ordering and Receiving, Mixing, and Testing.
Kaylyn is a 40% partner in the kkm partnership. during the current year, kkm reported gross receipts of $160,0000 and a charitable contribution of $10,000. the partnership paid office expenses of $1
Indicate the affect of the misstatement on Gentry Supplies Company's balance sheet and income statement for the year ended December 31, 2009.
machine hours were run and power costs amounted to $6,000. Using the high-low method, what is the estimated fixed cost element of power costs ?
Prepare Gilbert's cash budget for November and December. Assume that Gilbert expects to have $16,000 in cash on November 1.
The November 1 work-in-process inventory consisted of 8,000 units, 50% complete with respect to conversion costs. A total of 25,000 units were completed and transferred out of the department during
Compute the net cash provided by operating activities using the indirect method assuming that net income was $125,000 for the year
cost $120,000, fair value of $115,000 & (b) common stock of F Company (30% ownership) cost $215,000, equity of $250,000. Prepare the investments section of the balance sheet as of December 31, 2