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Toth's architech purchased a color plotter for $5,000 in January 2006. The plotter was expected to last for 5 years with a $500 salvage value. Toth uses the double-declining balance method to depreciate the plotter.
Toth chose to upgrade to a premium model in January 2007 and sold the old plotter to dunn drafting for $2,500.
Prepare the journal entry recording for this sale of old plotter.
Which of the following is not a short-cut in finding errors on the trial balance?
The Mars Corporation issued 2,000 shares of its $10 par value common stock for $70,000. The Mars Corporation also incurred $1,500 of costs associated with issuing the stock.
Common and preferred stock? issuances and dividends. Flameco Corp. was incorporated on January 1, 2003, and issued the following stock, for cash:
Prepare a 700-1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the fo..
Ohio Corp. reported a deferred tax liability of $6,000,000 for the year ended December 31, 2012, when the tax rate was 40%. Income tax expense reported by Ohio on its year end December 31, 2013 income statement is:
Discuss the qualitative concept of comparability. In your opinion, would the financial statements of companies operating in one of the foreign countries listed above be comparable to a U.S. company's financial statements? Explain.
At Flint Company's break-even point of 9,000 units, fixed costs are $180,000 and variable costs are $540,000 in total. The unit sales price is:
What corporations are required to issue a report on the effectiveness of its internal control over financial (ICFR) reporting?
Euker's legal counsel has determined that under Euker's property and casualty insurance policy, Euker is entitled to insurance recovery for the fair value of the manufacturing plant in excess of the deductible, and that such recovery is probable.
He wants to settle the case. Write a memo to him that states your view of whether the company is exposed to liability on all issues you feel are in play. Include in your memo any laws that apply and any precedent cases either for or against Teddy'..
Presented below are selected transactions at Thomas Company for 2006. Prepare necessary adjusting entries at December 31 to record amortization required by the events above.
TMI is a calendar year personal service corporation which reports income on a calendar year end basis. TML is also a personal holding company. TML had $125,000 of taxable income during the year. It is now December 31st.
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