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1. On April 1, Gyminny Delivery Services acquired a new truck with a list price (fair market value) of $150,000. Gyminny received a trade-in allowance of $30,000 on an old truck of similar type and paid cash of $120,000. The following information about the old truck is obtained from the account in the equipment ledger: cost, $96,000; accumulated depreciation on December 31, the end of the preceding fiscal year, $64,000; annual depreciation, $16,000. Assuming the exchange has commercial substance, journalize the entries to record
(a) The current depreciation of the old truck to the date of trade-in and
(b) The transaction on April 1.
Variation exists in virtually all parts of our lives. We often see variation in results in what we spend (utility costs each month, food costs, business supplies, etc.). Consider the measures and data you use (in either your personal or job activ..
Why would writing off ‘‘in-process'' Research and Development be similar to a ‘‘Big Bath''? How could a company use ‘‘allowance for doubtful accounts'' as ‘‘Cookie Jar Reserves''?
2-10 Investors expect a company to announce a 10% increase in earnings; instead, the company announces a 1% increase. If the market is semi-strong form efficient, which of the follow- ing would you expect to happen? (Hint: Refer to Footnote 13 in ..
What is the net present value of the proposed investment?
Department J had no work in process at the beginning of the period, 18,000 units were completed during the period, 2,000 units were 30% completed at the end of the period, and the following manufacturing costs were debited to the departmental ..
For the final discussion, take a moment to think back to where you were when you began this class ( I have a basic accounting background, I studied General Accounting) and where you are now . In your initial post, address the following:
Dr. Mark Skousen, in his article, "Raising Cain: Why the 9-9-9- Tax Plan is a Dangerous Policy", states that Republican Herman Cain has gotten quite a bit of publicity about his new 9-9-9 tax plan.
A fire completely destroyed the entire inventory of Printing Delight Company on April 10, 2014. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of Printing Delight Company for January 1 to A..
The Ice Corporation issues 30,000 shares of $50 par value preferred stock for cash at $60 per share.
on january 1 2012 lake corporation increased its management salaries. all other costs and revenues were unchanged. how
The ability of one partner to enter into a contract binding
monty loaned his friend ned 20000 three years ago. ned signed a note and made payments on the loan. last year when the
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