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Atlas Trucking incurred the following costs during 2016: 1. Spent $15,300 on a major overhaul for a tractor-trailer rig. The overhaul is expected to increase the service life of the rig by three years. 2. Repaired the air-conditioning system for $3,300. 3. Rearranged and reconfigured the maintenance, loading, and unloading facilities at a cost of $78,000. The rearrangement is expected to result in substantial cost savings and increased efficiency over the next several years.
Required: Prepare journal entries to record the above costs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
George Jackson operates a small machine shop. He manufactures one standard product which is available from many other similar businesses and also manufactures custom-made products. His accountant prepared the annual income statement shown below.
Pam retires after 28 years of service with her employer. She is 66 years old and has contributed $31,500 to her employer's qualified pension fund. She elects to receive her retirement benefits as an annuity of $3,150 per month for the remainder of he..
calculation of book value of machine.luther soaps purchased a machine on january 1 2007 for 18000 cash the machine has
What was the total amount of manufacturing costs assigned th those units that were completed and transferred out of the process in Semptember?
Maggie’s Muffins Bakery generated $5,000,000 in sales during 2016, and its year-end total assets were $2,500,000. Also, at year-end 2016, current liabilities were $1,000,000, consisting of $300,000 of notes payable, $500,000 of accounts payable, and ..
Analyse the profitability, the liquidity and the gearing of Sessegnon Ltd based on the information above and using appropriate financial ratios. Would a new supplier be willing to give them credit?
Koss Corporation: How $34 Million Disappeared. Koss Corporation is a publicly traded company that designs and sells stereo headphones. The Koss family controls a majority of the Company’s stock. Assume that you are a member of the audit team. Identif..
What is Accumulated depreciation of PP&E sold Cost of PP&E sold Cost of PP&E purchased
Identify the type of lease involved for the lessee and the lessor, and give reasons for your classifications and prepare all the journal entries for both the lessee and the lessor for 2007 and 2008.
Park Corporation is planning to issue bonds with a face value of $600,000 and a coupon rate of 7.5 percent. The bonds mature in four years and pay interest semiannually every June 30 and December 31. What bond payable amount will Park report on its J..
On January 1, Evanston Corporation purchased 40% of the outstanding common stock of the Straw Corporation for $275,000. During the year, Straw Corporation reported net income of $100,000 and paid cash dividends of $50,000. The balance of the Investme..
As part of its stock-based compensation package, International Electronics granted 20 million stock appreciation rights (SARs) to top officers on January 1, 2016. At exercise, holders of the SARs are entitled to receive cash or stock equal in value t..
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