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Beka Company owns equipment that cost $50,000 when purchased on January 1, 2007. It has been depreciated using the straight-line method based on estimating salvage value of $5,000 and an estimated useful life of 5 years.
Instructions:
Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.
Sold for $20,000 on January 1, 2010.Sold for $28,000 on May 1, 2010.Sold for $11,000 on January 1, 2010.Sold for $11,000 on October 1, 2010.
In 2010, Bailey Corporation discovered that equipment purchased on January 1, 2008, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%.
The quantity purchased is used in computing the direct materials price variance because you are looking for the difference in the price of materials for the job
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In 2010, Athena reported $35000 of taxable income. Of this, $30000 came from her work at the local library and the remaining $5000 was from capital gains to be taxed at preferential rates. Compute her tax liability for 2010 as a single taxpayer.
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On July 1, 2002, Raptor Corporation, a wholesaler of used robotic equipment, issued $7,500,000 of ten-year, 10% bonds at an effective interest rate of 12%, Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year o..
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DAN had $2000 beginning balance in utilities payable. he had an ending balance of $4000. Over the course of the period ABC received a bill for utilities for $5000. How much cash did they apy for utilities over the course of teh period?
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