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Beka Company owns equipment that cost $50,000 when purchased on January 1, 2007. It has been depreciated using the straight-line method based on estimating salvage value of $5,000 and an estimated useful life of 5 years.
Instructions:
Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.
Sold for $20,000 on January 1, 2010.Sold for $28,000 on May 1, 2010.Sold for $11,000 on January 1, 2010.Sold for $11,000 on October 1, 2010.
During the first year of operations,Shapiro tool ccumulated the following manufacturing costs: a) Raw materials purchased on account $ 8000 b) Factory labor accured 6000
Discuss how the statement of cash flows is used by investors. If you were an investor reviewing a statement of cash flows, what section would interest you most? Why?
During the current year, Hugo sells equipment for $150,000, which it placed in service in 2009. The equipment cost $175,000, and $55,000 of depreciation deductions was allowed. The results of the sale are
Prepare the perpetual inventory schedule for the above transactions using (1) FIFO, (2) LIFO, and (3) average-cost. (If there is no entry, enter 0 for the amount. Round the unit average-cost to 2 decimal places. Round answers to 2 decimal places.)
Determine the direct labor rate and time variance for the (1) Cutting Department and (2) Sewing Department.
Explain/discuss the value of the stage-gate process of new product development-What is a project charter and a contract book? Explain/discuss their purpose and how they are related to each other?
Hale Company makes sets of wrenches. They are trying to decide whether to continue to make the case the wrenches are sold in, or to outsource it to another company. The direct material and direct labor cost to produce the cases total $2.00 per cas..
How will the conduct of an audit of a medium-sized company be affected by the company's being a small part of a large conglomerate as compared with being a separate entity?
What is goal incongruence? How can using the metric "return on investment" for performance evaluation lead to goal incongruence?
Larson Company issued $500,000 of 8%, 5-year bonds at 106. Assuming straight-line amortization and annual interest payments, what is the amount of the amortization at each interest payment point?
Mary bought 100 share of Ford Motor Company stock in 2008 at $40 per share. It is now values in 2010 at $50 per share. How much tax liability will Mary have when she submits her 2010 tax forms to the federal government?
Danni, who is single, maintains a home in which she, her 15-year old brother, and her 21-year old niece live. Danni provides the majority of the support for her brother, her niece, and her cousin, age 18, who is enrolled full-time at teh universit..
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