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Machinery purchased for $72,280 by Carver Co. in 2008 was originally estimated to have a life of 8 years with a salvage value of $5,560 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2013, it is determined that the total estimated life should be 10 years with a salvage value of $6,255 at the end of that time. Assume straight-line depreciation.
(a) Is it necessary to do an entry to correct the prior years' depreciation?
(b) Prepare the entry to record depreciation for 2013.
State law requires the depreciation be charged to principal. What part of the depreciation deduction will be allocated to Mark?
The company requires a minimum pretax return of 12% on all investment projects. The net present value of the proposed project is closest to:
There're 3 major requirements of Code Section 351: (1) the transfer must consist of property, (2) the transfer must be solely in exchange for stock and (3) the transferors must be in control immediately after the exchange.
Selected balances from a company's financial statements are shown below. Calculate the following (a) accounts receivable turnover (b) inventory turnover (c) days' sales uncollected
In the current year, Donna gives $50,000 cash and $30,000 of stock to Mike. She also gives $40,000 of tax-exempt bonds to Angela. Her husband, Andy, gives $200,000 of land to Angela. Assume the couple elects gift splitting for the current year.
Wynn, Inc. has contract to construct a large hotel for $12,000,000. The contract was signed on the month January 2, 2010 and it was expected that the hotel would be complete on the month of December 31, 2013. Under these situations, what amount of ..
Morales Company issued $800,000 of 8%, 5-year bonds at 106, which pays interest annually. Assuming straight-line amortization, what is the carrying value of the bonds after one year?
With respect to the three reports in comparison: Income Statement, Cash Flow Statement, and Balance Sheet how can I "zero" in, or in laymen's terms, do an efficient comparison.
The total equivalent units for direct materials and conversion are 38,000 liters and 40,000 liters, respectively. Determine the direct materials and conversion cost per equivalent unit. Round all answers to nearest cent.
The deposits are based on the container cost marked up 20%. How much profit did Slotnick realize on the forfeited deposits?
Perez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage value is received.
The manager of an operating department just received a cost report and he has made the following comment respect to the cost allocated from one of the service departments:
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