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Wolverine Corporation purchased a machine for $132,000 on January 1, 2008, and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 1, 2011, Wolverine determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $12,000. A change in estimate was made in 2011 to reflect these additional data. What amount should Wolverine record as the balance of the accumulated depreciation account for this machine at December 31, 2011?
A) $73,000
B) $77,000
C) $61,250
D) $63,600
Poster mistakenly accounted for the investment in Elliott using the cost method rather than the equity method of accounting. What effect would this have on the investment account and net income, respectively?
Larry Byrd, Inc., spent $68,000 in attorney fees while developing the trade name of its new product, the Mean Bean Machine. Prepare the journal entries to record the $68,000 expenditure and the first year's amortization, using an 8-year life.
Leister Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,540. All sales are subject to a 5% sales tax.
Kyle sold land on the installment basis for $100,000. His basis in the land was $70,000. Kyle received a $40,000 down payment and a real estate installment sale contract calling for $60,000 in additional payments in future years.
You have been running a sole-proprietorship business dealing in cosmetic products. You have been accurately recording all your sale and purchase transactions in journals and using the journals in the general ledger accounts.
Montoya manufacturing has fixed costs of $1,800,000 and variable costs are 40% of sales. What are the required sales if Montoya desires net income of $180,000?
The postcard will include information about the store's typical inventory, store hours, and directions. Which of the following format elements can make the biggest difference in the success or failure of the direct mailing?
Calculate and write in general journal format any entries for accounts needing adjustment. Calculate and write in general journal format closing entries and post to "T" accounts. Complete an Income Statement and Balance Sheet for month end.
Which of the following statements concerning consolidated financial statements is true?
The average cost of a one bedroom apartment in a town is $550 per month. What is the probability of randomly selecting a sample of 50 one bedroom apartments in this town and getting a sample mean of less then $530 if the population standard deviat..
Write down the difference between a contango market and a backwardation market. What exactly is meant by a basis?
Lease or buy: I can lease a building for $10,000 or buy for $800,000. The weighted average cost of capital is 12%. Which is cheaper buy or lease?
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