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Federal express is the worlds leading express distribution company. In addition to the worlds largest fleet of all cargo aircraft the company has more than 645 aircraft and 47000 vehicles and trailers that pick up and deliever packages. assume that the federal express sold a small delivery truck that had been used in the business for 3 years. the rocrods of the comapny reflect the follow. delievery truck cost $28000, accumulated depreciation $23000
1. give the journal entry for the disposal of the truck.assuming that the truck sold for a. 5000 cash. b. 5600 cash. c.4600 cash.
2. base on three preceding situations, explain the effects of the disposal of an asset??
Explain the consequences of NOT eliminating a sale and purchase of a fixed asset between two companies within the group. Assume that the sale and purchase has resulted in a loss on sale.
The role and process of recognising depreciation in accounting reports, and by identifying accounting concepts which provide the justification for recognising depreciation.
The company had 110,000 shares of stock outstanding which sold at a price of $56 per share. By how much did the firm's market value and book value per share differ?
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The governing body of the Order decided that it was no longer feasible to operate the convent, which had been built about sixty years ago, so it was advertised locally for sale.
Write a memo to your partner, citing the relevant tax authority, to explain how much of the $85,000 loss Mike can deduct on his tax return.
Maximum earnings per share (EPS), Minimum cost of debt (rd), Highest bond rating, Minimum cost of equity (rs), or Minimum weight average cost of capital (WACC).
Assume this company uses the FIFO method of process costing and direct material is added uniformly throughout the process. What are the equivalent units produced of direct material?
Give an explanation of how the convergence and the Concept Framework Project impacts accountants. Explain at least one benefit and one drawback of the convergence of IASB and FASB.
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