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1. Nonmonetary Exchange Alatorre Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Alatorre Corporation gave the machine plus $320 to Mills Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines.
Alatorre Corp. Mills Co.(Old Machine) (New Machine)Machine cost $290 $270Accumulated depreciation 140 -0-Fair value 85 405
For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercial substance.)
How have software development kits (SDK) influenced software development?
Prepare journal entries to record (a) the copier's sale; (b) the adjustment on December 31, 2015, to recognize the warranty expense; and (c) the repairs that occur in November 2016.
Chapter 5 of the course textbook proposes a four-stage creative process to resolve problems and issues (pages 99-101). Apply the four-stage process to the following scenario:
adjusting entriesthe following data were obtained from an analysis of the accounts of co. a as of march 31 2008 in
torrence company has two support departments administration and janitorial and three producing departments fabricating
How much money will be available for Mitch after taxes when he begins college at age 18 and how much will he keep after taxes if his marginal tax rate is 10 percent?
Economist Charles Kenny of the Center for Global Development has argued: The process technologies-institutions like laws and inventory management systems-that appear central to raising incomes per capita flow less like water and more like bricks.
If all the current assets were liquidated today, the company would receive $855,000 cash. What is the book value of Klingon's assets today?
On April 1, 2011, BigBen Company acquired 30% of the shares of LittleTick, Inc. BigBen paid $100,000 for the investment, which is $40,000 more than 30% of the book value of LittleTick's identifiable net assets.
kansas company uses a standard cost accounting system. in 2014 the company produced 28200 units. each unit took several
IFRS and U.S. GAAP follow similar approaches for accounting for taxation. Nevertheless, differences in reported amounts for deferred taxes are among the most frequent between IFRS and U.S. GAAP. Why?
You would prepare three amortization tables using monthly compounding - prepare your own excel amortization tables to support your explanation and decision. Entering the numbers in the boxes in different websites and using those to get your answers..
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