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Events related to the acquisition, use, and disposal of a tangible plant asset: straight-line depreciation.
CJ's Pizza purchased a delivery van on January 1, 2011, for $25,000. In addition, CJ's paid sales tax and title fees of $1,000 for the van. The van is expected to have a four-year life and a salvage value of $6,000.
a. Using the straight-line method, compute the depreciation expense for 2011 and 2012.
b. Prepare the general journal entry to record the 2011 depreciation.
c. Assume the van was sold on January 1, 2014, for $12,000. Prepare the journal entry for the sale of the van in 2014.
Compare and contrast the Fair-Value Method (FAS 115) covered in your Intermediate Accounting courses and Equity Method. When should you use each method and why?
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ed koehler started great southern furniture five years ago to assemble prefabricated bedroom furniture for large hotel
prepare a 700- to 1050-word paper comparing and contrasting current and noncurrent assets. in your paper address the
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The Abbott Corporation sells merchandise on the installment basis, and the uncertainties of cash collection make the use of the installment sales method of accounting acceptable. The following data relate to two years of operations.
bulldescribe two business sectors you might want to work in if you were an accountant and explain why in 150 to 200
Journalize each transaction of Showtime Amusements as shown for July 1. Explanations are not required -
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Brent is shocked when he learns that the property taxes on her personal rededence have increased for 2010. Not only has the tax rate not changed , but he feels that the value of his redidence has decreased. What could be a possible explanation for..
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