Share
Explore BrainMass

Accounting

Like-Kind Property: which exchange transactions qualify under Sec 1031?

Which of the following exchanges qualify as like-kind exchanges under Sec. 1031? a. Acme Corporation stock held for investment purposes for Mesa Corporation stock also held for investment purposes b. A motel used in a trade or business for an apartment complex held for investment c. A pecan orchard in Texas used in a tr

Question about Basic accounting equation

BE1-3 At the beginning of the year, Gonzales Company had total assets of $870,000 and total liabilities of $500,000. Answer the following questions. (a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of stockholders' equity at the end of the year? (b) During

Plant wide overhead application

3-13 Department Milling Assembly Direct labor-hours 8,000 75,000 Machine-hours 60,000 3,000 Manufacturing overhead cost $510,000 $800,000 Direct labor cost $72,000 $640,000 Required: 1. Compute the predetermined overhead rate to be used in each department. 2. Assume that the overhead rates you computed in (1) abov

computing taxable income and more

Chapter 6 - Problem I: 6-57 Bryce, a bank official, is married and files a joint return. During 2007 he engages in the following activities and transactions: a. Being an avid fisherman, Bryce develops an expertise in tying flies. At times during the year, he is asked to conduct fly-tying demonstrations, for which he is paid a

Tax questions: flat, lump sum, ad valorem, luxury auto excise tax

A. Some have argued that a lump sum tax is the most equitable and efficient system of taxation. If lump sum taxes are so efficient and equitable, why aren't they widely used? B. In 2002, the US federal government levied a tax of 3 percent on that part of a car's price exceeding $40,000. (For example, the tax liability on a $5

Accounting help problem BYP13-7

BYP13-7 R.J. Falk is the chief executive officer of Ventura Electronics. Falk is an expert engineer but a novice in accounting. Falk asks you, as an accounting major, to explain (a) the bases for comparison in analyzing Ventura financial statements and (b) the limitations, if any, in financial statement analysis. Broadening

Deductions from Purchases and Non-Deductible Items

Prepaid Interest. During the current year, Richard and Alisha, a married couple who use the cash method of accounting, purchased a principal residence for $320,000. They paid $40,000 down and financed the remaining $280,000 of the purchase price with a 30-year mortgage. At the closing, they also paid $500 for an appraisal, $500

What is the relationship between average and marginal productivity?

What is the relationship between average and marginal productivity? b) How do changes in average and marginal productivity affect the cost of production? c) What are the impacts of innovation and technology on the cost of production? d) Can you utilize a real-world example to explain the law of diminishing marginal

Blue Sky Airlines: selling an option to existing shareholder

Can you help me get started with this assignment? Construct a one-page document "selling" your chosen option to your existing shareholders and bondholders based on the merits of your plan, in comparison to the short-term or long-term shareholder value of rest of the alternatives. Consider that Blue Sky Airlines has the

CALCULATE TAX RATE

Heavy Metal Corp is a steel manufacturer that finances its operations with 40% debt, 10% preferred stock, and 50% equity. The interest rate on the company's debt is 11%. The preferred stock pays an annual dividend of $2 and sells for $20 a share. The company's common stock trades at $30 a share, and its current dividend (D0) of

Accounting questions are posed.

1- A company purchased land for $70,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the cost principle, the cost of land would be recorded at a. $77,000. b. $70,000. c. $75,000. d. $82,000.

Price elasticity is overviewed.

What is price elasticity of demand? What is the relationship between income and price elasticity of demand? What is cross price-elasticity of demand?

Cash dividends are demonstrated.

1. Salvage Value. Your firm purchased machinery with a 7-year MACRS life for $10 million. The project, however, will end after 5 years. If the equipment can be sold for $4.5 million at the completion of the project, and your firm's tax rate is 35 percent, what is the after-tax cash flow from the sale of the machinery? 2. C

With respect to "fair-value" how do we determine that in a turbulent market?

Can you help me get started with this assignment? The Financial Accounting Standards Board (FASB) plays an important role in establishing accounting standards. Here is an interesting article by Norris (2008) that describes how the FASB and the Securities Exchange Commission (SEC) have provided additional guidance on interpre

Please define microeconomics and macroeconomics.

1. Please define microeconomics and macroeconomics. 2. Please state the law of demand and law of supply and explain how the law of demand and the law of supply interact to bring about equilibrium. 3. Please explain the importance of substitution to the laws of supply and demand and give a real-world example.

Reporting Guidance for Profit and Not-For-Profit Organizations

What are the differences in reporting guidance in a for-profit and not-for-profit organization? What are the similarities in reporting guidance for the above? How do these differences and similarities affect the comparability of financial reports? Should these reports be comparable? Why or why not?

Accounting: asset accounting

1. Which of the following is not an asset: a. Accounts Payable b. Furnishing and Equipment c. Supplies d. Cash 2. Amy Co. acquired $500 worth of supplies on credit. Which of the following journal entries would be recorded? a. Debit supplies, credit cash b. Debit cash, credit supplies c. Debit supplies, credit accoun

Setting a price for the business

Charlie and Maribelle Brown have owned and operated a retail furniture store for more than 20 years. They have employed an independent CPA during this time to prepare various sales tax, payroll tax, and income tax returns, as well as financial statements for themselves and the bank from which they borrowed money from time to tim

Variable versus Absorption Costing

Prepare income statements under variable and absorption costing for the year ended December 31, 2007. - see attachment Jennifer Bruner Cost Accounting December 21, 2008 Variable versus Absorption Costing Introduction: The Zwatch Company manufactures trendy, high-quality, moderately priced watches. As Zwatch's senior

Cost Classification and target profits

Bart's Wood Work Company Assume that the company keeps no inventories. Below is information that pertains to Bart's Wood Work Company for the past year. Based on this information prepare a financial accounting income statement (that is in the required GAAP for US external reporting). From this information make appro

Accounting functions are embedded and determined

Suppose you have a lemonade stand, and when you charge $2 per cup of lemonade you sell 120 cups. But when you raise your price to $3 you only sell 60 cups. Write an equation for the number of cups you sell as a function of the price you charge. Denote "C" for number of cups, and "P" for the price you charge. Assume the func

what is the accounting equation?

Define: -assets, current assets, liability, current liability, contributed capital, retained earnings. -what is the accounting equation?

Ace and Baskett Co: Equity methods

Ace purchases 40% of Baskett Co. on Jan 1 for $500,000. Although Ace did not use it, the acquistion gave Ace the ability to apply significant influence to Baskett's operating and financing policies. Baskett reports assets on that date of $1,400,000 with liabilties of $500,000. One building with a seven-year life is undervalu

Short paragraph summary

A student from a former class posted this and it is relevant to the material we have gone over. Check out the article and let me know your thoughts! "Our readings have discussed the importance of recognizing revenues and expenses in the appropriate time period, but here is an article by Browning (2008) about the importance

Landry: Calculation of 9 Ratios; discuss financial performance of the company

Using the statements in the attached file, please answer the questions: Compute the following ratios for 2002 and 2003: a. Earnings per share b. Return on assets c. Current ratio d. Times interest earned e. Asset turnover f. Debt to total assets g. Current cash debt coverage h. Cash debt coverage i. Free cash flow

FUTA, SUTA and unemployment contributions

Mary Graham and Paula Moore are partners engaged in operating the M&P Doll Shop, which has employed the following persons since the beginning of the year: V. Hoffman (general office worker).........$1,700 per month A. Drugan (saleswoman).....................$15,000 per year G. Beiter (stock clerk)....................$180 pe