Xyz inc. liquidated. pursuant to the plan of liquidation, abc inc., which owned 80% of the stock of xyz, received as a distribution in exchange for all of its stock in the corporation, 80% of the inventory and other assets of the corporation worth $700,000 that had a basis to the corporation of $900,000. all of the other shareholders received pro rata distributions of these assets and none of these assets had been contributed to the corporation by any shareholder. how much loss was recognized by xyz, inc. as a result of this liquidating distribution

Collective bargaining provides for a representative of employees to negotiate with a representative of management over labor issues including wages. true or false?

Elliott company produces large quantities of a standardized product. the following information is available for its production activities for march. units costs beginning work in process inventory 2,500 beginning work in process inventory started 25,000 direct materials $ 3,725 ending work in process inventory 5,000 conversion 11,580 $ 15,305 status of ending work in process inventory direct materials added 185,750 materials—percent complete 100 % direct labor added 182,375 conversion—percent complete 30 % overhead applied (140% of direct labor) 255,325 total costs to account for $ 638,755 ending work in process inventory $ 62,530 prepare a process cost summary report for this company, showing costs charged to production, unit cost information, equivalent units of production, cost per eup, and its cost assignment and reconciliation. use the weighted-average method. (round "cost per eup" to 2 decimal places.)

Sye chase started and operated a small family architectural firm in 2016. the firm was affected by two events: (1) chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. there were $250 of supplies on hand as of december 31, 2016. record the two transactions in the accounts. record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. post the entries in the t-accounts and prepare a post-closing trial balance.