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Foster Corporation purchased a new machine for its assembly process on August 1, 2014. The cost of this machine was $235,800. The company estimated that the machine would have a trade-in value of $25,800 at the end of its service life. Its life is estimated at 10 years, and its working hours are estimated at 42,000 hours. Year-end is December 31.
Instructions
Compute the depreciation expense under the following methods. Each of the following should be considered unrelated.
(a) Straight-line depreciation for 2014.
(b) Activity method for 2014, assuming that machine usage was 800 hours.
(c) Sum-of-the-years'-digits for 2015.
(d) Double-declining balance for 2015.
On January 1, 2010, Priscilla signed a FIVE year lease to rent office space from Marjorie. The lease commenced immediately on January 1, 2010. During 2010, Priscilla paid Marjorie $24,000 for the first year's rent, $2,000 for the last month's rent..
Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2010 and 2011.
With the globalization of corporate business and cross border security listings, the need for a common set of accounting standards to be applied worldwide emerged to the surface. Both the IASB and the FASB have taken steps towards this goal.
StarMart manufactures skateboards. The company has a highly automated production process, so it allocates manufacturing overhead based on machine hours. StarMart expects to incur $240,000 of manufacturing overhead costs and to use 4,000 machine..
Under a plan of complete liquidation, Coast Corporation distributes land with a $300,000 adjusted basis and a $400,000 FMV to William, a 25% shareholder. William has a $200,000 basis in his Coast stock. The land is inventory in the hands of Coast ..
Which of the following is not considered an advantage of using standard costs?
1. Identify four problems with the system and describe how you would remedy each of them
The enacted tax rate is 25% in current and future periods. What will White record as its income tax expense in Year 1?
Parr, Inc. is a multidivisional corporation which has both intersegment sales and sales to unaffiliated customers. Parr should report segment financial information for each division meeting which of the following criteria?
Which of the following does not represent an exchange risk on an exposed position to a company transacting business with a foreign vendor?
The trust reports on a calendar tax year and distributes the $60,000 of 2007's net accounting income to Marty on January 20, 2008. No other distributions are made the current year. Marty's taxable income from the trust this year is:
the company is large, she is only requisitioning a small amount of material compared to total company operations and she does have documentation of the cost.
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