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Mickey Mouse Corp, a company that makes all your dreams come true, purchased machinery on January 1, 2016 at a price of $100,000. The company also paid $3,400 of freight-in to have the machine delivered to its manufacturing center, $5,500 of insurance while the machine was in transit, and $4,000 to have the machine installed. On January 1, 2016, Mickey Mouse estimated that the machine would last for 10 years, have a salvage value of $0 at the end of 10 years, and the company elected to use straight line depreciation. On December 31, 2017, after the company recorded the 2017 depreciation expense entry, the company believed the asset may be impaired, so it performed an impairment test. The company determined that the expected future net cash flows were $100,000 and the fair value was $60,000. What is the amount of impairment loss recorded by Mickey Mouse Corp during 2017?
Propose a type of HRIS for the organization in the scenario. Discuss the function that the HRIS serves, and identify how that system will solve the business
Describe general characteristics in an internal control structure that would increase an auditor’s assessment of control risk. Is there a quick list of some of these somewhere?
Equipment was acquired at the beginning of the year at a cost of $522,285. The equipment was depreciated using the straight-line method based on an estimated useful life of 18 years and an estimated residual value of $49,785. What was the depreciatio..
amortization of discount on issue of debentures.a.nbspassuming the straight-line method of amortization is used the
Samanta Shoes, which was launched by entrepreneurs Samanta and Kelvin Joseph, produces high-quality shoes in unique styles and limited quantities. The founders of Samanta Shoes use variable costing in their business decisions. If Samanta Shoes used a..
review whole foods market incs 2010 annual report company information and investor informationsee the link whole foods
Palo Alto Corporation is considering purchasing a new delivery truck. The truck has many advantages over the company’s current truck (not the least of which is that it runs). The new truck would cost $56,000. Because of the increased capacity, reduce..
Prepare the pro forma Balance Sheet and pro forma Income Statement. The EFR will be a plug number that makes the balance sheet balance like in the class example.
Fill in the missing amounts and Journalize the February payroll and the payment of the payroll.
tyro co. uses a standard cost system. the subsequent information pertains to direct labor for product b for the month
The CEO has tapped you to personally assess a certain proposal for processing equipment in the company's main assembly line. It is a secret operation as the CEO suspects corporate spies as looking into the plans, but he cannot tell for sure who it is..
Sara Yu, CPA, was retained by Info Cable to prepare financial statements for April 2014.Yu accumulated all the ledger balances per Info’s records and found the following. Cash received from a customer on account was recorded as $930 instead of $390. ..
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