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My question is this Clay purchsded Elm Corporation stock 20 years ago for $10,000. In 2012, he sells the stock for $29,000. What is Clay's gain or loss?
In its first year of operations Best Corp. had income before tax of $460,000. Best made income tax payments totaling $168,000 during the year and has an income tax rate of 35%. What was Best's net i
A gain is recognized in a nontaxable exchange to the extent that you receive property or cashTrue or false and why?
Goering, Zarcus, and Schmit are partners and share income and loss in a 1:4:5 ratio. The partnership's capital balances are as follows: Goering, $33,000.
An investor is comparing he following two bonds: a bond from ABC cORP WHICH PAYS AN INTEREST RATE OF 9 PERCENT per year and a municipal bond which pays an interest rate of 7.9 percent per year.
Based on the variance you calculated, develop some plausible explanations for what could have occurred at Beal Manufacturing
Eugene and Velma are married. For 2012, Eugene earned $25,000 and Velma earned $30,000. They have decided to file separate returns and are each enttled to claim one personal exemption.
What are internal controls? Why do companies need them? What are some examples of internal controls? Who is responsible for developing internal controls?
The City of Shipley maintains an Employee Retirement Fund; a single-employer, defined benefit plan that provides annuity and disability benefits. The fund is financed by a process that makes actuar
XYZ Company purchased inventory for $3,450 on account. The discount terms were 4/15, n/30. XYZ returned merchandise in the amount of $600 and paid the balance due within the discount period. How muc
Company will convert the operating lease to capital lease. Please see information below to determine the present value of projected operating lease payment and lease amortization.
Edgar Co. acquired 60% of Stendall Co. on January 1, 2011. During 2011, Edgar made several sales of inventory to Stendall. The cost and selling price of the goods were $140,000 and $200,000.
Why are 'expenses paid for in advance' reported as assets? What happens to this 'asset' as time passes and what are the impacts on financial statements?
On January 1, 2011 Grace Company had an $13,500 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account.
A depreciation method in which a plant asset's depreciation expense for a period is determined by applying a constant depreciation rate each period to the asset's beginning book value is called?
What is the difference between a data flow diagram for the sales process and a system flowchart describing the sales process?
A company has total assets of $20,000, debt of $7,500 and equity of $12,500. Sales are 10,000 & costs are $7,000; the dividend payout ratio is 40%. Calculate the firm's sustainable growth rate
Prepare profit reports for software and consulting assuming the company allocates costs using headcount, space occupied, and sales as allocation bases.
As at December 31-2012, a company has total assets of $3,500 {current assets of $1,500 and fixed assets of $2,000}, debt of $2,250 {current liabilities of $1,000 and long-term debt of $1,250} and eq
What would Kutty Industries's Cost of Goods Sold had been if they had used the FIFO inventory method for the year ended 12/31/2012?
What are the four symbols used in a data flow diagram, and what does each of the symbols mean? and What is the difference between a data flow diagram for the sales process and a system flowchart de
In a computerized environment you learn about the relationship between Peachtree and the fundamental accounting principles and processes. Although many of the accounting processes are automated with
During the next 6 months, he collected $4,800 of unemployment compensation, borrowed $6,000 (using his personal residence as collateral), and withdrew $1,000 from his savings account (including $60
If we are just assuming the actual quantity of the product is 840 Kg and its standard market price is 48 $ which is to be per kg and as result of which the standard quantity requirement of product i