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Abco Company purchased on account farm equipment from Norway Corp. with an invoice price of $96,000. Other costs incurred were freight costs, $1,320; installation wiring and foundation, $2,640; material and labor costs in testing equipment, $8400; oil lubricants and supplies to be used with equipment, $600; fire insurance policy covering equipment, $1,680. The equipment is estimated to have a $6,000 salvage value at the end of its 8 year useful service life.
Instruction:
Compute the acquisition cost of the equipment and prepare the journal entry to record the purchase.
Southern State University had the following account balances as of June 30,2012. Debits are not distinguished from credits, so assume all accounts have a "normal" balance: Prepare, in good form, a Statement of Net Assets for Southern State Universi..
Hugo was planting a tree when he unearthed 100,000 certificates of ITT bearer bonds, with a current value of $4 million.
Government Auditing Standards published by the United States Government Accountability Office define standards associated with the following types of engagements:
For each of the three concepts described in the chapter, what value would be attributed to this land in a consolidated balance sheet at the date of takeover?
Explain how analytical and inferential tools can aid in the evaluation of accounting evidence. If you use references please write them down.
A company accomplished an early extinguishment of debt, and the auditors believe that literal application of SFAS No. 98 would cause recognition of a loss that would materially distort the financial statements and cause them to be misleading.
Effectiveness of communication - i.e.readability, legibility, grammar, spelling, neatness, completeness and presentation will be a minimum threshold requirement for all written work submitted for assessment.
Prepare Friday's audit report that was submitted to Kim's board of directors 2011 and 2010 comparative financial statements. Kim is a public company.
The Mejicano company is planning to purchase a piece of equipment that will reduce annual cash expenses over its 5-year useful life by equal amounts.
Why is it not possible simply to add together the separately computed earnings per share amounts of individual affiliates in deriving consolidated earnings per share? Explain.
Brandywine Homecare, a not-for-profit business, had revenues of 12 million in 2007. Expenses other than depreciation totaled 75 percent of revenues, and depreciation expense was 1.5 million.
Uncorrected Misstatement and Performance Materiality. Rivers, CPA is auditing the financial statements of Charger Company, a client for the past five years. During past audits of charger, River has only identified some immaterial misstatements (mo..
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