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A company purchased a machine on January 1 of the current year for $750,000. Calculate the annual depreciation expense for each year of the machine's life (estimated at 5 years or 20,000 hours, with a salvage value of $75,000). During the machine's 5-year life its hourly usage was: 3,000; 4,000; 5,000; 5,000; and 3,000 hours.
Patrice sells a parcel of land for $50,000 cash and the buyer assumes Patrice's liability of $7,000 on the land. Patrice's basis in the land is $40,000. What is the gain or loss she will recognize on the sale?
You are auditing Diverse Carbon, a manufacturer of nerve gas for the military-The company’s legal counsel indicates that the company is liable, but the company does not want to disclose this information in the financial statements.
Some companies implement systems to reduce defects in finished products with the goal of achieving zero defects. What are these systems called?
Write down the journal entry that is needed in order to record the acquisition of the bonds on January 1, 2005. Make sure to use the NET method.
A company has unlimited funds to invest at its discount rate. The company should invest in all projects having:
Please help me explain the following concepts: A conclusion stating how you think sound financial reporting depends on principles, assumptions, and constraints. Refer to the U.S. GAAP in your response.
Why do most companies use normal or standard costing? After all, actual costing give the actual cost, so the firm could just wait until it knows what the cost will be.
Compute the net cash provided by operating activities using the indirect method assuming that net income was $125,000 for the year.
What was the cost of advertising and warehouse expense allocated to each of the business based on the traditional method? What recommendation would you make in allocating these expenses to each of the business and how much would be allocated to eac..
Determine the direct labor rate and time variance for the (1) Cutting Department and (2) Sewing Department.
Why should the accounting for the lessor be different depending on whether the residual value is guaranteed or unguaranteed? Couldn't they just "adjust" the depreciation expense at the end of the term if the lessee does not pay the residual?
What percentage increase in sales would enable a company with 2,000,000 in sales revenue to reach its goal of increasing its net profit of 340,000 by 15%?
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