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Joy Cunningham Co. purchased a machine on January 1, 2012, for $550,000. At that time, it was estimated that the machine would have a 10-year life and no salvage value. On December 31, 2015, the firm's accountant found that the entry for depreciation expense had been omitted in 2013. In addition, management has informed the accountant that the company plans to switch to straight-line depreciation, starting with the year 2015. At present, the company uses the sum-of-the-years'-digits method for depreciating equipment.
Prepare the general journal entries that should be made at December 31, 2015, to record these events.
Prepare the general journal entries that should be made at December 31, 2015, to record these events. (Ignore tax effects.
The equipment had a recorded amount on Mayo's books of $21,000. What journal entry should Siegle make to record this exchange?
A company issued $ 100,000 5-year, 7.00% bonds and received $ 101,137 in cash. The market rate of interest when the bonds were issued was 6.5%. What is the amount of interest expense to be recorded for the first annual interest period if the company ..
the principal plus the interest accrued from the date of the preceding payment
Identify a movie or television show you have seen in which an older character is shown in a positive light
Compute the basic earnings per share for the company. What method does the company use to report net cash flows from operating activities? How can you tell? What does this evaluation tell you about the company?
Mike Barton owns Barton Products, Inc. The corporation has 30 employees. Barton Corporation expects $800,000 of net income before taxes in 2016. Mike is married and files a joint return with his wife, Elaine, who has no earnings of her own. Should Mi..
Determine the gross margin from the first sale
Electro Company manufactures an innovative automobile transmission for electric cars. Management predicts that ending finished goods inventory for the first quarter will be 119,000 units. The following unit sales of the transmissions are expected dur..
Exercisable at the option price of $25 per share. Average market price in 2014, $30. Outstanding for all of 2014.60,000 shares. Compute both basic and diluted earnings per share.
If yes, assume that net income for the fifth year and the sixth year is the same andexplain how the net income for the sixth is affected (compared to that for the fifth year)?
DuoTronics, Inc. plans to issue bonds to fund a large investment project that it estimates will cost $10,000,000. How many bonds will DuoTronics need to issue assuming the following Market Rates: i. 4% ii. 6% iii. 9%. Show the journal entry at issuan..
Illustrate what is the normal journal entry for recording bad expense under the allowance method? a)Debit allowance for doubtful accounts, credit accounts receivable.
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