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Depreciation claimed. Cash received in an exchange. Mark for follow up Question 2 of 30. Which of these items decre...
Question 3 of 30. Brenda purchased a business for $120,000 and received a building, FMV $80,000:...
Question 3 of 30. Brenda purchased a business for $120,000 and received a building, FMV $80,000: land, FMN $10,000 and furniture fixtures, FMV $30,000. She spent $10,000 on legal fees to make the purchase. What is the basis of these me? $82,500 building: $12,500 land; $35,000 furniture and fixtures. $88,750 building: $11,250 land: $30,000 furniture and fixtures. $80,000 building: $10,000 land; $30,000 furniture and fixtures. $86,667 building: $10,833 land: $32,500 furniture and fixtures. Mark for follow up of the
Mark for follow up Question 4 of 30. Derek purchased an office building in 2017 for...
Mark for follow up Question 4 of 30. Derek purchased an office building in 2017 for $150,000 (including land value of $35,000). Which of the following items decreases his basis? O O O O $1,500 cost of lawn maintenance. $4,300 depreciation claimed. $5,000 spent to repair roof damage from a hailstorm. $3,000 assessment by Derek's local government for extending water lines to the property.
brenda purchased a business for 120,000. and received s building fmv 80,000. land fmv 10,000. and furniture and fixtures...
brenda purchased a business for 120,000. and received s building fmv 80,000. land fmv 10,000. and furniture and fixtures fmv 30,000. she spent 10,000. on legal fees to make thr purchase what is the basis for these items
brenda purchased a business for 120,000. and received s building fmv 80,000. land fmv 10,000. and furniture and fixtures...
brenda purchased a business for 120,000. and received s building fmv 80,000. land fmv 10,000. and furniture and fixtures fmv 30,000. she spent 10,000. on legal fees to make thr purchase what is the basis for these items
J0 short-term loss. Mark for follow up Question 29 of 75. In 2017, Glen received a...
J0 short-term loss. Mark for follow up Question 29 of 75. In 2017, Glen received a gift of 200 shares of common stock. The stock was worth $8,000 when he received it. The donor had originally paid $10,000 for the stock when he bought it in 2015. If Glen sells the stock for $12,000 in 2018, what is his capital gain? $0 $2,000 $4,000 $12,000 OMark for follow up Question 30 of 75. Seth owns 150 shares of stock with...
Taxation Law
Opal, a resident company, was incorporated in 2001. The company has developed a revolutionary lithium battery for electric cars, which it manufactures in Australia and exports overseas to its branch offices for distribution. During the year ended 30 June 2021, Opal expanded its operations by acquiring the assets of WM Pty Ltd. As at 25 October 2020, the cost of this acquisition was $3,240,000 constituting the following items: Land 1,700,000 Buildings – constructed in 1968 700,000 Accounts receivable (Debtors) 100,000 Plant and machinery 540,000 Goodwill...
Need Assistance on Closing Entries. If more info is needed please let me know Trial Balance...
Need Assistance on Closing Entries. If more info is needed
please let me know
Trial Balance
Particulars
Debit
Credit
Cash/Bank
$ 441,730.00
Notes recievable
$
-
Accounts recievable
$ 78,866.00
Interest Received
$
410.00
Doubtfull debts
$
2,930.00
Bad debts
$ 11,134.00
Inventories
$ 65,000.00
Prepaid utilities
$ 18,000.00
Utilities Expense
$ 12,000.00
office supplies
$
-
Supplies expense
$
8,000.00
Prepaid insurance
$
-
$
4,260.00
Rent
$ 29,800.00
Prepaid rent
$
5,000.00
Investment in securities
$ 180,000.00
Land...
Shaftel Ready Mix is a processor and supplier of concrete, aggregate, and rock products. The comp...
Shaftel Ready Mix is a processor and supplier of concrete,
aggregate, and rock products. The company operates in the
intermountain western United States. Currently, Shaftel has 14
cement- processing plants and a labor force of more than 375
employees. With the exception of cement powder, all materials
(e.g., aggregates and sand) are produced internally by the company.
The demand for concrete and aggregates has been growing steadily
nationally. In the West, the growth rate has been above the
national average....
i just need help on #4. preparing income statement, retained earnings statement, and the balance sheet....
i
just need help on #4. preparing income statement, retained earnings
statement, and the balance sheet.
Accounting Cycle Project (Group) ACCT3303 Spring 2020 Assignments Required: 1) Making journal entries for each transaction in chronological order. 2) Posting to the general ledger and prepare trial balance before adjustment 3) Making adjusting entries and prepare adjusted trial balance. 4) Prepare Income Statement, Retained Earnings Statement, and Balance Sheet 5) Making closing entries 6) Put all your work on excel spreadsheet. Each group...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
Question 3 of 30. Brenda purchased a business for $120,000 and received a building, FMV $80,000: land, FMN $10,000 and furniture fixtures, FMV $30,000. She spent $10,000 on legal fees to make the purchase. What is the basis of these me? $82,500 building: $12,500 land; $35,000 furniture and fixtures. $88,750 building: $11,250 land: $30,000 furniture and fixtures. $80,000 building: $10,000 land; $30,000 furniture and fixtures. $86,667 building: $10,833 land: $32,500 furniture and fixtures. Mark for follow up of the
Mark for follow up Question 4 of 30. Derek purchased an office building in 2017 for $150,000 (including land value of $35,000). Which of the following items decreases his basis? O O O O $1,500 cost of lawn maintenance. $4,300 depreciation claimed. $5,000 spent to repair roof damage from a hailstorm. $3,000 assessment by Derek's local government for extending water lines to the property.
J0 short-term loss. Mark for follow up Question 29 of 75. In 2017, Glen received a gift of 200 shares of common stock. The stock was worth $8,000 when he received it. The donor had originally paid $10,000 for the stock when he bought it in 2015. If Glen sells the stock for $12,000 in 2018, what is his capital gain? $0 $2,000 $4,000 $12,000 OMark for follow up Question 30 of 75. Seth owns 150 shares of stock with...
Need Assistance on Closing Entries. If more info is needed
please let me know
Trial Balance
Particulars
Debit
Credit
Cash/Bank
$ 441,730.00
Notes recievable
$
-
Accounts recievable
$ 78,866.00
Interest Received
$
410.00
Doubtfull debts
$
2,930.00
Bad debts
$ 11,134.00
Inventories
$ 65,000.00
Prepaid utilities
$ 18,000.00
Utilities Expense
$ 12,000.00
office supplies
$
-
Supplies expense
$
8,000.00
Prepaid insurance
$
-
$
4,260.00
Rent
$ 29,800.00
Prepaid rent
$
5,000.00
Investment in securities
$ 180,000.00
Land...
Shaftel Ready Mix is a processor and supplier of concrete,
aggregate, and rock products. The company operates in the
intermountain western United States. Currently, Shaftel has 14
cement- processing plants and a labor force of more than 375
employees. With the exception of cement powder, all materials
(e.g., aggregates and sand) are produced internally by the company.
The demand for concrete and aggregates has been growing steadily
nationally. In the West, the growth rate has been above the
national average....
i
just need help on #4. preparing income statement, retained earnings
statement, and the balance sheet.
Accounting Cycle Project (Group) ACCT3303 Spring 2020 Assignments Required: 1) Making journal entries for each transaction in chronological order. 2) Posting to the general ledger and prepare trial balance before adjustment 3) Making adjusting entries and prepare adjusted trial balance. 4) Prepare Income Statement, Retained Earnings Statement, and Balance Sheet 5) Making closing entries 6) Put all your work on excel spreadsheet. Each group...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
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