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Assume that on January 2, 2013, a Pizza Hut franchisee purchased fixtures for $15,000 cash, expecting the fixtures to remain in service five years. The restaurant has depress the fixtures on a double-diminishing-balance basis, with $1,000 estimated residual value. On June 30, 2014, Pizza Hut sold the fixtures for $5,000 cash. Record both the depreciation expense on the fixtures for 2014 and then the sale of the fixtures. Apart from your journal entries, also show how to compute the gain or loss on Pizza Hut's disposal of these fixtures.
What information is contained in the balance sheet? What are limitations of the balance sheet? How can balance sheet limitations be overcome? What are the limitations of using ratios for financial statement analysis? What are the benefits? Do differe..
If static budget variance is unfavorable and the flexible budget variance is unfavorable, will we draw a conclusion about the sales volume variance?
On October 1, 2014, Gator Inc assigns $1,600,000 of its accounts receivable to American Bank as collateral for a $1,200,000 loan. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 7%. On December 31, 201..
What are the effects of Lucy's classification on the financial statements and are there any ratios that might be of concern to the local bank that will be misstated by Lucy's actions?
Harry has two jobs. He earns $117,700 from his first job and $10,000 from his second job. How much total FICA withholding will Harry have withheld from his wages from working two jobs?
This year she received a state income tax refund of $170. What amount of the refund, if any, should Opal comprise in her gross income if last year her total itemized deductions exceeded the standard deduction by $350?
How many shares of common stock are authorized, issued, and outstanding? Why didn't Priceline.com pay dividends to common stockholders in any of the three years shown?
Shore Co sells two products, Kayaks and Motors- Last year Shore sold 12,600 units of Kayaks and 23,400 units of Motors. Related data are
Compute the degree of operating leverage for each company. Assume that sales revenue decreases by 20%. Prepare a CVP income statement for each company.
Jordan Corporation reported retained earnings of $225,000 at the beginning of the current year.
Gibbs, Cook, and Chan are partners and share income and loss in a 5:1:4 ratio. The partnership's capital balances are as follows: Gibbs, $606,000; Cook, $148,000; and Chan, $446,000. Gibbs decides to withdraw from the partnership, and the partners ag..
Explain the importance of the three areas of cash control and make recommendations for procedures that could be implemented.
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