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Brainiac Company purchased a delivery truck for $30,000 on January 1, 2011.The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years.Actual miles driven were 15,000 in 2011 and 12,000 in 2012.
Instructions(a) Compute depreciation expense for 2011 and 2012 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining balance method.(b) Assume that Brainiac uses the straight-line method.(1) Prepare the journal entry to record 2011 depreciation.(2) Show how the truck would be reported in the December 31, 2011, balance sheet.
The statement of cash flows and related disclosures would be of the least assistance in helping a potential investor assess:
At December 1, 2010, Orear Company's Accounts Receivable balance was $1,200. During December, Orear had credit sales of $5,000 and collected accounts receivable of $4,000. At December 31, 2010, the Accounts Receivable balance is ??
You can bullet point your procedure for count and value-answer does not have to be a very long answer but well thought out.
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The maximum amount of the stock redemption proceeds under Sec. 303 is determined by summing all of the following except
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Expected sales are 40,000 units; expected production is 50,000 units; practical (maximum) capacity is 100,000 units. If Tayla Industries uses a normal costing system and a plantwide predetermined overhead rate, the budgeted overhead per unit is:
What is the difference between accrual-basis accounting and cash-basis accounting? Why would politicians prefer the cash basis over the accrual basis?
Bubble Corporation manufactures two products, I and II, from a joint process. A single production costs $4,000 and results in 100 units of I and 400 units of II. To be ready for sale, both products must be processed further, incurring separable co..
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