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On jan 4,2010 a company purchased new equipment for 225,000 that had a useful life of four years and a salvage value of 25,000. prepare a schedule showing the annual depreciation and end of year accumulated depreciation for the first three years of the asset's life under the straight-line method.
Olga's sole proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the sole proprietorship on her individual income tax return (form 1040).
During the past several years the annual net income of Avery Company has averaged $540,000. At the present time the company is being offered for sale. Its accounting records show the book value of net assets (total assets minus all liabilities) to..
An asset purchased by A Corporation for $15,000 ON 01/01/1997 also incurred freight charges of $200 and installation cost of $1,000.The asset had a life expectancy of eight years and a salvage value of $2,800.
In recent years, the treatment of the intangible asset "goodwill" has undergone significant change as a result of the implementation of FASB 142. Goodwill is the value of a going concern. You cannot touch it.
Julia currently is considering the purchase of some land to be held as an investment. She and the seller have agreed on a contract under which Julia would pay $1,000 per month for 60 months, or $60,000 total.
The ability to add ghost employees to a company's payroll system is often the result of a breakdown in internal controls. What internal controls prevent an individual from adding fictitious employees to payroll records?
Any plans to depreciate the operating assets on a straight-line basis for 20 years. Determine the amount of depreciation expense for 2010 on these newly acquired assets.
For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:
If investors required a rate of return equal to 12 percent on similar-risk bonds and interest bonds and interest is paid semiannually, what should be the market price of Buner's bonds?
Linda is a qualifying widow in 2010. In 2010, she reported $75,000 of taxable income (all ordinary). What is her gross tax liability using the tax rate schedules?
What are some implications of currency depreciation, devaluation, and appreciation for the US Dollar compared to a foreign currency? How does a strong U.S. dollar affect the balance of trade for USA? Why?
Prepare a journal entry for the taxes of Winston County's General Fund on July 1, 2005, the date on which the property taxes for the fiscal ending June 30, 2006, were billed to taxpayers.
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