Accounting Homework Answers & Questions Page 114

• D have each of his children, T and B, a 20% interest in his bookkeeping firm. T, aged 16, is a minor and still in high school. B, aged 22, attends college in another state and is interested in the bu

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• ST Partnership has the following assets:Inventory value $30,000 basis $12,000Land value $90,000 basis $48,000Inventory is a Section 751 asset and each partner has an outside basis of $30,000. S, A 50%

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• The Chief Financial Officer of a hospital needs to determine the present value of $140,000 investment received at the end of year 5. What is the...

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• L invests $60,000 for one-third interest in LMN Partnership as a limited partner. During the period, L's share of the partnership income is $130,000 and L has withdrawn $75,000. The partnership has r

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• Shifting allocations most often arise as a result of which of the following?A partner with capital losses being allocated capital gainsA partner with capital losses being allocated ordinary incomeA pa

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• The provisions of IRC 704(b) apply to which of the following allocations?Bottom-line allocations of a partner's capital accountBottom-line allocations of partnership lossesIncome allocations of IRS au

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• C is an equal partner in the ABC Partnership. The partnership has made no election under IRC Section 754. C sells her interest to E for it's fair market value of $99,000 when her basis was $88,000. At

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• In order to meet the economic effect safe harbors of Section 704(b) regulations, which of the following statements is the most true?A negative capital account must be restored by the end of the tax ye

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• Partner X is a 50% partner in the XY Partnership that has the following assets and liabilities at year-end. Assume the book basis and tax basis are the same amount.Building basis $90,000 value $100,00

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• Which of the following is the last day to modify a partnership agreement in order for a special allocation to be respected?The extended due date of the tax returnThe last day of the fiscal year in whi

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• Harrti Corporation has budgeted for the following sales: July $455,000 August $557,000 September $663,000 October $823,000 November $773,000 December...

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• XY Partnership has the following assets and liabilities are year-end. The book basis and tax basis are the same amount. Machine basis $10,000 value $18,000Building basis $80,000 value $100,000Note 1 b

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• In the year ended May 31,2015, Faster Inc. purchased new machinery from an overseas manufacturer. The cost of the machine totalled $500,000.

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• TOPIC: CASH essay that explains the differences between working in public accounting versus private/corporate accounting and includes a discussion of...

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• Which statement is true regarding Cash Flow Statements?

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• ST Partnership has the following assets:Inventory Value $28,000 Basis $12,000Land Value $70,000 Basis $48,000Equipment Value $42,000 Basis $32,000Inventory is a Section 751 asset and there is $10,000

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• The entry to record payroll tax is: debit payroll tax payable, credit payroll tax expense B. debit bank, credit payroll tax payable C. debit payroll...

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• On December 15, 2016, Alcatel-Lucent, a telecommunications company, established a restructuring charge of $400 million, of which $120 million was for...

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• . If accounting is deemed to be complicit in sustaining social inequities, how would critical theorists argue that accounting can be 'fixed'?

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• Select the incorrect statement concerning the application of the controllability concept to responsibility accounting.

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• Willis Company made a $150,000 investment in new machinery. Assuming the company's margin is 4%, what income will be earned if the investment

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• joseph Company reported the following information for the current year: Sales$787,000 Average Operating Assets$375,000 Desired ROI 12%Residual...

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• The company's production budget for the first seven months of the year is as follows:

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• In allocating basis under IRC Section 755, which of the following rules applies to allocation between classes of assets?A negative adjustment would not be allocated to any class of asset.A positive ad

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• On March 1, 20X0, M retired from the MNO Partnership, a calendar-year partnership. M continued to receive retirement payments until February 28, 20X1, when his entire partnership interest was liquidat

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• In the XY Partnership, X is the general partner with a 20% interest and Y is the limited partner with an 80% interest. How is partner X's basis affected if Y guarantees a partnership recourse loan of

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• Incremental costs can be defined as:Costs that are expected to increase regardless of the course of action chosen.The differences between costs...

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• This assignment had 2 parts please keep them separate Unit 3 and unit 5.On December 1, 2015 John Trap created a new travel agency, Trap Adventures, Inc. providing exclusive adventure trips. The follo

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• Three stoks Toyota Motor Corp (TM), Johnson amp; Johnson, and Dollar General find the current yield of the 10-year treasury bond (which I identified...

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• Bonita Industries' degree of operating leverage is 2. Warren Corporation's degree of operating leverage is 12.

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• Bramble Corp. sells its product for $80 per unit. During 2016, it produced 60000 units and sold 50000 units (there was no beginning inventory). Costs...

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• A company can sell all the units it can produce of either Product A or Product B but not both.

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• QUESTION 3 CONSOLIDATIONSThe following financial statements of Joel Ltd and its subsidiary Parko Ltd have been extracted from their financial records at 30 June 2012.Joel LtdParko Ltd$ thousands$ thou

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• Assignment 3: Fraud in the AISDue Week 7 and worth 280 pointsFor this assignment, research the Internet or Strayer databases to locate a firm that was involved in a fraud and / or embezzlement case.Ex

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• hello, jassal music inc. inventory problem for calculating inventory at the lower cost and net realizable value whether i calucate compare rental

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• Scenario: You work for an investment banking firm and have been asked by management of Vestor Corporation (not real), a software development company, to calculate its weighted average cost of capital,

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• Students should understand corporate risk and be able to use the financial models learned in the class to evaluate and calculate a company's weighted average cost of capital and use the analysis to ma

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• PROJECT 1. In February 20X4, Colton's Western Wear (CWW) invested excess cash in shares of PLZ Corporation, a publicly traded company with over...

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• Wood Inc. manufactures wood poles. Wood has two responsibility centres, harvesting and sawing, which are both evaluated as profit centres.

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• Big Bath Emporium (BBE), a private company based in Toronto, is the city's largest manufacturer and vendor of bathtubs, showers, and sinks.

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• h is required for a down payment on a house? How much would you want to have saved toward a down payment before you would consider purchasing a house?...

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• Cooper Company has purchased equipment that requires annual payments of $ 20,000 to be paid at the end of each of the next 6 years. The discount rate...

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• During 2004, equipment was sold for $195,000. The equipment cost $315,000 and had a book value of $180,000. Accumulated DepreciationEquipment was...

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• Your course project will consist of a 15–20-slide Microsoft PowerPoint presentation on Gatorade and creating a new drink. These slides will help you present your investment idea to the President and

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• Homework Set #3: Chapters 6, 7, amp; 8 Due Week 6 and worth 100 points Directions: Answer the following questions on a separate document.

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• If the price needs to be adjusted, what's the lowest the product could be offered and still have a positive NPV (keeping all other assumptions the

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• QUESTION 3 CONSOLIDATIONSThe following financial statements of Joel Ltd and its subsidiary Parko Ltd have been extracted from their financial records at 30 June 2012. 

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• Consider two companies: United States Steel (X) and Facebook (FB).

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• Sales Revenue October $42000 November $45000 December $50400 Company A sells each whistle for $12.

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• The centralized computer technology department of Hardesty Company has expenses of $320,000. The department has provided a total of 4,000 hours of...

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