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On January 1, 2008, Neal Corporation acquired equipment at a cost of $540,000. Neal adopted the sum-of-the-years'-digits method of depreciation for this equipment and had been recording depreciation over an estimated life of eight years, with no residual value. At the beginning of 2011, a decision was made to change to the straight-line method of depreciation for this equipment. The depreciation expense for 2011 would be:
A) $28,125.
B) $45,000.
C) $67,500.
D) $108,000.
Prepare in general journal form all journal entries that should have been made during the fiscal year ended June 30, 2009 to record the above information in the capital projects fund (including closing entry).
An accounting firm, provides consulting and tax planning services. A recent analysis found that 55% of the firm's billable hours to clients resulted from tax planning and for many years, the firm's total administrative cost (currently $270,000) ha..
Dr. Doe (Doe) is a well-respected scientist who has just won the Nobel Prize in medicine for his work in developing a highly effective drug to prevent the common cold.
Prepare the adjusting journal entry needed on December 31, 2006. Prepare the journal entry to record the sale of the Colorado Company stock during 2007.
Merchandise is ordered on June 13; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on June 16
Assume that Product Z is made up of two units of A and four units of B. A is made of three units of C and four units of D. D is made of two units of E.
Identify characteristics that distinguish NFP from business enterprises. Specifically identify, from most important to least important, five accounting issues relevant to NFP financial reporting and explain your rationale by reference to existing ..
John has $55,000 net earnings from the sole proprietorship. John is also employed by a major corporation and is paid $25,000. John' self-employment tax in 2013 is:
The following data relate to direct materials costs for November: Actual costs 4,600 pounds at $5.50 Standard costs 4,500 pounds at $6.00 What is the direct materials quantity variance?
Sales taxes amount to $400 and the company paid an extra $300 to have a special horn installed. What should be the recorded cost of the van?
Welz Company is investing in an annuity contract that will return $25,000 annually at the end of each year for 25 years. What amount should Welz Company pay for this investment if it earns a 8% return?
You're considering the S&P 500 futures contract. On the 1st November 2010, the S&P was trading at 1127,17 when futures contracts maturing on 1st March 2011 were priced at 1119,70. The annualised interest rate is 1,25% and the annualised dividend y..
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