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Abbey Ltd purchased machinery on 1 October 2010 for $80,000. The estimated useful life of the machinery is 5 years, with an estimated residual of $5,000. The entity's balance date is 30 June, and it uses the straight-line method of depreciation. On 1 July 2011, the value is use was estimated to be $45,000 and the net selling price was $48,750.
Prepare the journal entries in relation to the equipment from the date of acquisition.
A company will need to choose an accounting method. What are the differences between the cash basis of accounting and the accrual basis of accounting? When are income and expenses recognized under each method?
Top Disc manufactures frisbees. The following information is available for 2013 , the company's first year in business when it produced 325,000 units. Revenue of $450,000 was generated by the sale of 180,000 frisbees.
Companies often prioritize projects in the following four categories: Absolutely essential, Highly necessary, Economically justified, and All other. Provide one example for each category. Why do firms do this type of categorization?
The Ocean City water park is considering the purchase of a new log flume ride. The cost to purchase the equipment is 1,800,000, and it will cost an additional 180,000 to have it installed.
National Shops wishes to purchase merchandise from your company on account. The amount of the purchases would probably be about $10,000 per month, and the terms would require National to make payment in full within 30 days.
What amount should be added to net capital assets in the governmental activities accounts in 2007?
Beige's earnings and profits are $300,000. Beige redeems 200 of Lois' shares for $100,000. Determine the amount of Lois' recognized gain (1) if she is Sam's mother and (2) if they are unrelated.
She has a large amount of income from other sources and is in the 33% marginal tax bracket. Would Tina's tax situation be better if XYZ were a proprietorship or a C-corporation? Explain why.
The total amount of overhead applied to work in process for August would be:
Both Mr. Jones and Mrs. Green earned $50,000 gross in 2009. Yet, Mr. Jones owed IRS $600 on his tax return while the IRS owed Mrs. Green $600 on her tax return.
At the Board of Director's meeting to review the year-end financial statements, they were concerned that the gain on the sale of the stock was not reported on the income statement. They believed that since the stock was sold at a price higher than..
The gross margin that the company would disclose on an absorption-costing income statement is:
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