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ON JANUARY 1, 2002 TRUMP COMPANY ACQUIRED ALL OF THE STOCK OF CRUZ COMPANY AT BOOK VALUE. NEITHER TRUMP NOR CRUZ PAY ANY DIVIDENDS AND TRUMP USES THE INITIAL VALUE METHOD FOR ITS INVESTMENT IN CRUZ. ON JANUARY 1, 2010 TRUMP COMPANY PURCHASED A TRUCK FOR $400,000. THIS TRUCK HAS A 20 YEAR LIFE WITH NO SALVAGE AND IS BEING DEPRECIATED USING STRAIGHT LINE DEPRECIATION. ON JANUARY 1, 2014 CRUZ COMPANY PURCHASED THE TRUCK FROM TRUMP FOR $350,000 ISSUING TRUMP A 1 YEAR 10% NOTE WITH PRINCIPLE AND INTERESET DUE ON JANUARY 1 2015.
CRUZ WILL DEPRECIATE THE TRUCK OVER 16 YEARS USING STRAIGHT LINE DEPRECIATION AND ZERO SALVAGE VALUE. ON JANUARY 1, 2015 CRUZ PAID THE INTEREST AND PRINCIPLE TO TRUMP ON JANUARY 1, 2018 CRUZ SOLD THE TRUCK TO RUBIO (AN OUTSIDE COMPANY) FOR $275,000. Answer all of the following below: RECORD THE JOURNAL ENTRY TRUMP MADE WHEN HE BOUGHT THE TRUCK DETERMINE THE ANNUAL DEPRECIATION OF THE TRUCK TO TRUMP COMPANY MAKE THE JOURNAL ENTRY TRUMP MAKES WHEN IT SELLS THE TRUCK TO CRUZ MAKE THE JOURNAL ENTRY CRUZ MAKES WHEN IT BUYS THE TRUCK DETERMINE THE ANNUAL DEPRECIATION OF THE TRUCK TO CRUZ COMPANY MAKE THE JOURNAL ENTRY CRUZ MAKES WHEN IT PAYS OFF THE LOAN TO TRUMP MAKE THE JOURNAL ENTRY CRUZ MAKES WHEN IT SELLS THE TRUCK TO RUBIO
you have been nominated by your institution for aseminar because of your proficiency in basic accounting concepts.the
The following information was available to the accountant of R&G Company when preparing the monthly bank reconciliation:
1.Following are Nintendo's revenue and expense accounts for a recent calendar year (yen in millions). Prepare the company's closing entries for its revenues and its expenses.
franco and jason share income and losses in a 21 ratio after allowing for salaries to franco of 15000 and 30000 to
1. What is the break-even point in passengers and revenues per month? 2. What is the break-even point in number of passenger train cars per month?
assume that the amounts of the companys total variable expenses and total fixed expenses were reversed. in other words
last year fabre company produced 20000 units and sold 18000 units at a price of 12. costs for last year were as
What is the Accounting Equation? Does it always have to balance, if so why? Are there exceptions to this general rule? If so, what are they?
1.In the situation described in BE 15-17, assume the asset being leased cost the lessor $125,000 to produce and its fair value is $150,000.
The consolidated statement of earnings shows data about the company Home Depot's sales, operating expenses, gross profit, and net profit and it also shows the weighted and diluted earnings per share.
Which of the following refers to the tendency to see one's own personal traits in other people?
medical expense deduction - dan lives in duncan a small town in arizona. because of a rare blood disease dan is
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