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A corporation acquired a truck on July 1, 2012, at a cost of $162,000. The truck has a six-year useful life and an estimated salvage value of $18,000. The straight-line method of depreciation was used. On January 1, 2015, the truck was overhauled atr a cost of $15,000, which extended the useful life of the truck for an additional two years beyond that originally estimated (salavge value is still estimated at $18,000). In computing depreciation, the corportation uses the nearest full month assumption to calculate depreciation.
Calculate the depreciable base of the truck, before and after the overhaul on January 1, 2015.
Prepare the appropriate entries for January 1, 2015 and Decemeber 31, 2015.
On September 1, Howe Office Supply had an inventory of 30 pocket calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred.
A company purchased property for $100,000. The property included a building, a parking lot and land. The building was appraised at $62,000; the land at $45,000 and the parking lot at $18,000. The value of the land to be recorded in the accounting ..
The shareholders' equity of Green Corporation includes $200,000 of $1 par common stock and $400,000 of 6% cumulative preferred stock. The board of directors of Green declared cash dividends of $50,000 in 2011 after paying $20,000 cash dividends in..
Briefly discuss the operating performance and financial positions of Sepracor Industry averages for these ratios in 2007 were ROA 3.5%; Return on Equity 16%; and Debt to Assets 75%. Based on this analysis, would you make an investment in the compa..
prepared income statement prepared statement of retained earning prepared balance sheet this is part one . part two
Mobile Co. issued a $45,000, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At maturity, the borrower will pay:
Identify several areas in business operations where weakness in control over data may occur. Then, determine which can do the most harm to the organization. Provide your rationale.
What is the basis of the Purple Corporation stock, the per share basis, and gain recognized upon receipt of the common stock dividend?
a. How much dividend income does Speedways have? b. How much and what kind of taxable income does Speedways have because of the distribution? c. What is Speedways's basis in its stock immediately after the distribution?
state and defend legal and ethical internet issues and academic integrity. ltbrgtdiscuss at least 2 specific examples
Corresponds to CLO 2(c) Ruben Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $7.50 each, and the variable cost to manufacture them was $2.25 per unit.
which of the following accounts would not appear on a balance sheet?equipmentinterest payableinterest revenueretained
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