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a. On February 13, Scandia Co.paid $1,650 to install a hydraulic lift and $25 for an air filter for one of its delivery trucks. Journalize the entries for thenew lift and air filter expenditures. (Capital and revenue expenditure entries)
b. Equipment acquired at thebeginning of the year at a cost of $88,000 has been estimated residual value of $6,000 an estimated useful life of 5years. Determine (a) the depreciable cost, (b) the straight-line rate, and (c) the annual straight linedepreciation. (straight- linedepreciation)
c. A building acquired at the beginning of the year at a cost of $316.000 has an estimated residual value of $48,000 and an estimated useful life of 40years. Determine (a) the depreciable cost, (b) the straight-line rate, and (c) the annual straight-line depreciation.
Determine the amount to be added to Allowance for Doubtful accounts in each of the following cases. (a) Balance of $500 in the allowance account just prior to adjustment. Analysis of accounts receivable indicates doubtful accounts of $9,500.
What are the great approaches for cash management? If you are the controller who is in charge of managing cash, what methods would you take and why? 200-250 words please.
Prepare journal entries for the following transactions for Zenco Co.
Given the following partnership activity for the year, determine each partner's adjusted basis in Quick and Reddy at the end of the taxable year.
Manning Imports is contemplating an agreement to lease equipment to a customer for five years. Manning normally sells the asset for a cash price of $100,000. Assuming that 8% is a reasonable rate of interest.
The XYZ has a choice between two warehouses. A lease at location A costs 1000 per month with a payment 2000 upfront to guarantee the 3 year lease. Location B would cost 1200 per month and would be leased from month to month.
Examine the role of the different types of auditors. Determine what situations are most appropriate for each type of auditor.
Change in estimated amount of ore to be mined from year one to year 2. year 1 is 400000 and year 2 is 487500 tons. mined 50000tons in first year and mined 80,000 tons second year of which 60000 tons sold residual or salvage value of the land is $1..
Effective January 1, 2008, for financial statement reporting, Baden decided to change to the straight-line method for depreciation of the machine. Assume that Baden can justify the change.
Purchasing has identified a company that will pick up the damaged and unusable pallets and process them into wood chips, which this company then sells. The cost of this service is $1.25 per pallet.
1. A manufacturing shop is designed to operate most efficiently at an output of 550 units perday. In the past month the plant produced 490 units. What was its capacity utilization ratelast month?
(a) a note payable for $100,000 due in 2 years, (b) a 10-year mortgage payable of$200,000 payable in ten $20,000 annual payments, (c) interest payable of $15,000 on the mortgage, and (d) accounts payable of $60,000. For each obligation, indicate w..
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