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snow_tiger [21]
3 years ago
14

The following book and fair values were available for Westmont Company as of March 1.

Business
1 answer:
-BARSIC- [3]3 years ago
8 0

Answer:

DR Inventory                                        $609,000  

     Land                                                 $1,086,750  

     Buildings                                         $2,138,250  

     Customer Relationships                $842,250  

     Goodwill                                           $965,750  

CR Accounts Payable                                           $102,000  

       Common Stock                                                       $56,400

       Additional Paid-In Capital                                     $1,353,600

        Cash                                                                       $4,130,000

Working

Common Stock = 28,200 shares * $2 = $56,400

Additional Paid in Cap = 28,200 shares * ( 50 - 2) = $1,353,600

DR Additional Paid-In Capital                            $32,400

CR Cash                                                                                $32,400

DR Professional Services Expense                   $49,800

CR Cash                                                                                $49,800

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Pedro sells investment land on September 1, 2019. Information pertaining to the sale follows: Adjusted basis $25,000 Selling pri
bearhunter [10]

The tax consequence in 2019 is $10584 while the tax consequence from 2020 to 2023 will be $13229.

Bases on the information given, the realized gain will be:

= $90000 - $25000 - $1500

= $63500

The gross profit percentage will be:

= 63500/(90000 - 18000) × 100

= 63500/72000 × 100

= 88.19%

The tax consequence in 2019 will be:

= $12000 × 88.19% = $10584

The tax consequence in 2020 will be:

= $15000 × 88.19% = $13229

The tax consequence in 2021 will be:

= $15000 × 88.19% = $13229

The tax consequence in 2022 will be:

= $15000 × 88.19% = $13229

The tax consequence in 2023 will be:

= $15000 × 88.19% = $13229

Read related link on:

brainly.com/question/25301019

8 0
2 years ago
Where do you think the biggest hole is in the registration statement?
Alex17521 [72]
In the United States, a registration statement is a set of documents, including a prospectus, which a company must file with the U.S. Securities and Exchange Commission before it proceeds with a public offering.

Not that sure though
Best luck with your studying
8 0
2 years ago
osie Dry Cleaning was started on January 1, Year 1. It experienced the following events during its first two years of operation:
neonofarm [45]

Answer:

The Bad Debt expense will be in year 1;

Explanation:

The Bad Debt Expense         $45,000*1%=$450

The journal entry will be

Bad Debt Expense     Dr.$450

Account Receivable  Cr.$450

6 0
3 years ago
The market for plywood is characterized by the following demand and supply equations: QD = 800 – 10P and QS = 50P – 1,000, where
Sunny_sXe [5.5K]

Answer:

$3,750

Explanation:

at $25 per sheet of plywood:

total demand = 800 - (10 x 25) = 800 - 250 = 550

total supply = (50 x 25) - 1,000 = 1,250 - 1,000 = 250

the equilibrium price is:

800 - 10P₁ = 50P₁ - 1,000

1,800 = 60P₁

P₁ = 1,800 / 60 = 30

the equilibrium quantity (Q₁) is:

Q₁ = 800 - (10 x 30) = 800 - 300 = 500

at 250 units, the price should be:

250 = 800 - 10P₂

10P₂ = 550

P₂ = $55

total deadweight loss = 0.5 x  (P₂ - P₁)  x (Q₂ - Q₁) = 0.5 x  ($55 - $25)  x (250 - 500) = 0.5 x $30 x -250 = -$3,750

7 0
3 years ago
PLZ!!! SOMEONE HELP ME Drag each label to the correct location on the table. Match the characteristics with the organizations th
astra-53 [7]

Answer:

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Explanation:

...

5 0
3 years ago
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