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O'Bria Service Company purchased a copier on January 1, 2012, for $17,000 and paid an additional $200 for delivery charges. The copier was estimated to have a life of four years or 800,000 copies. Salvage was estimated at $1,200. The copier produced 230,000 copies in 2012 and 250,000 copies in 2013.
Required
Compute the amount of depreciation expense for the copier for calendar years 2012 and 2013 using thes methods:
a. straight-line
b. units-of-production
c. double-declining-balance
A meeting of senior managers at the Pringly Division has been called to discuss the pricing strategy for a new product. Part of the discussion will focus on estimating sales for the new product.
Compute pension expense and prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2010.
Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.
An employee received a paycheck from her employer in the amount of $776.35. The pay-check stub indicated that in calculating her $776.35 net pay, $139.75 had been withheld for federal income tax, $34.25 for state income tax, and $74. 65 for FICA. ..
What are examples of irregular items? How does a change in accounting principles affect the financial statements? Who in the company is responsible for the application of a change in an accounting principle? Why?
The concept of operating leverage Signifies to which of the following?
Prepare a bond discount amortization schedule which shows the amortization of discount for the first two interest payment dates. (Round to the nearest dollar.)
What types of regulations requiring periodic reporting, both monetary and statistical, come along with the payroll function, and what are the reports required?
Fulfil all required journal entries for each of the long-term activities, which took place during 20x7. Keep in mind to account for the appropriate depreciation expense for the year on any of the long-term assets.
Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. During July the following transactions were completed:
Explain how your position changes if the employer reports to the IRS the value of the employees' frequent-flyer mileage.
ABC Hardware store is open for business 350 days a year. Annual demand for a power cutter at this store is 700 units. Replenishment cost is $15 per order and annual inventory holding cost is 10% of the inventory value.
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