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Delmar Company and Hamilton Company exchanged forklifts on january 1, 2011. Delmar's forklift cost $33,600, had accumulated depreciation of $27,600, and has a fair market value of $3,600. Hamilton's forklift cost $25,200, had accumulated depreciation of $21,600, and has a fair market value of $3,600.
Instructions:
a- journalize the exchange for Delmar Company.
b- journalize the exchange for Hamilton Company.
Liabilities incurred, such as for accrued payroll, but still unpaid at year-end, should be recorded in the General Fund by a debit to which of the following accounts?
a) Journalize the transaction, events, and closing entries b) Enter the beginning balances in the accounts, and post to the stockholders' equity accounts c) Prepare a retained earnings statement for the year d) Prepare a stockholders' equity section ..
The primary reason for preparing a reconciliation between interest-bearing obligations outstanding during the year and interest expense in the financial statements is to:
Prepare a two-page memorandum that you could use to brief the Senator on these issues. Make sure that your points are well documented by references to the IRC and other professional sources.
Jason Thompson purchased an office building 10 years ago for $780,000. The building was just appraised at $1.25 million. What value should be used for the building in Jason's accounting records? Support your answer.
The trial balance of Ogilvy's Boutique at December 31 shows Inventory $21,000, Sales Revenue $156,000, Sales Returns and Allowances $4,000.
If the company plans to sell 270,000 units during the year, compute the number of units it would have to manufacture during the year.
Stevenson Corporation acquires a one-year old building at a cost of $500,000 at the beginning of Year 2. The building has an estimated useful life of 50 years.
What is the difference between accural-basis accounting and cash-basis accounting? Why would politicians prefer the cash basis over the accrual basis?
When standard manufacturing costs are recorded in the accounts and the cost variances are immaterial at the end of the accounting period, the cost variances should be:
How does the audit opinion given to a city by its independent auditors differ from the audit opinion rendered on the financial statements for a for-profit business?
On December 31, 2007, Drew Company issued $170,000, five-year bonds for $155,000. The stated rate of interest was 6 percent and interest is paid annually on December 31. What would be the necessary journal entry?
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