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Daily Enterprises is purchasing a $10.1 million machine. It will cost $48,000 to transport and install the machine. The machine has a depreciable life of five years and will have no salvage value. The machine will generate incremental revenues of $4.2 million per year along with incremental costs of $1.4 million per year. If? Daily's marginal tax rate is 35%?, what are the incremental earnings? (net income) associated with the new? machine?
Shelby and Mortonson formed a partnership with capital contributions of $230,000 and $330,000, respectively. Their partnership agreement calls for Shelby to receive a $53,000 per year salary. Also, each partner is to receive an interest allowance equ..
At December 31, the cash balance per books was $14,485.20, and the cash balance per the bank statement was $22,182.80. The bank did not make any errors, but two errors were made by Langer Company - You need to a back reconcilation for December 31.
Provide the definition of the concept. Discuss how and when the concept could be used by EEC. Discuss the advantages and disadvantages of the concept as it relates to EEC.
Atlas Trucking incurred the following costs during 2016: Spent $15,300 on a major overhaul for a tractor-trailer rig. The overhaul is expected to increase the service life of the rig by three years. Repaired the air-conditioning system for $3,300. Pr..
Prepare the journal entry to record the capitalization of interest and the recognition of interest, if any, at 12/31/2010 for Alma-Ata. What amount of interest expense will be recorded?
Calculate stock dividend shares and cash dividends amounts. Assume that you own 6,000 shares of Briant, Inc.’s common stock and that you currently receive cash dividends of $2.52 per share per year. Calculate the cash dividend per share amount to be ..
The Treasury Department of Drof Motors invests excess funds daily (e.g., in foreign currencies). It, thus, earns profits and losses, which are included in the company’s consolidated financial statements. Should Drof consider its Treasury operations a..
Prepare all the journal entries that Mars Corporation would make related to this bond issue through January 1, 2015. Be sure to indicate the date on which the entries would be made.
A company uses the weighted average method for inventory costing. During a period, Department B finished and transferred 50,000 units to Department C. Also in Department B during the period, 10,000 units were started but brought only to a stage of be..
Advertising expense totaled $90,000 for the current year, and departmental sales were: How much advertising expense should be allocated to each department?
Jessica Johnson and Claudia Stein are opening a Submarine’s deli. Johnson and Stein need outside capital, so they plan to organize the business as a corporation. They come to you for advice. Write a memorandum informing them of the steps in forming a..
Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians' Leasing purchased a lithotripter from Rand for $1,540,000 and leased it to Mid-South Urologists Group, Inc., on January 1..
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