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A corporation acquired a truck on July 1, 2012, at a cost of $162,000. The truck has a six-year useful life and an estimated salvage value of $18,000. The straight-line method of depreciation was used. On January 1, 2015, the truck was overhauled at a cost of $15,000, which extended the useful life of the truck for an additional two years beyond that originally estimated (salvage value is still estimated at $18,000). In computing depreciation, the corporation uses the nearest full month assumption to calculate depreciation.Calculate the depreciable base of the truck, before and after the overhaul on January 1, 2015.Prepare the appropriate entries for January 1, 2015 and December 31, 2015
Keira Knightley Company buys a piece of equipment for $36,442 that will last for 7 years. The equipment will generate cash flows of $7,000 per year and will have no salvage value a
Calculate the equal monthly payments and the cost of financing on a 10-year mortgage. The cash value of the house today is $500,000. You are paying monthly at a fixed rate of 6% pe
Role of Cost Accounting in Business Management The system is a set of interdependent parts that together form a unitary whole such performs some functions. A number of sub sys
Tony Allan Inc is a small manufacturer of metal products in Toronto. The company rents its factory building. It uses a job order costing system because it has a wide variety of p
Dolphin Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2013 for $8,000,000 and had an estimated useful life of 8 years w
Explain the respective roles of the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) in the setting of accounting standards?
Distinction between Absorption and Marginal Costing These are two approaches of arriving at the cost of production or total profit for a specified period. The major difference
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Ass ume that during April, the job cost sheet for Job 206 showed the following: Dept. A Dept. B M
Fixed Costs Are costs such do not change along with of the level of output? It is also named as autonomous cost, as it stays the similar irrespective of the activity level as
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