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Buff Company purchased equipment for $500,000 cash on July 1, 2006. The estimated life is 5 years or 1,000,000 units; salvage value is estimated at $50,000. Actual activity was 180,000 units in 2004 and 200,000 units in 2006.
Instructions:
Compute the annual depreciation expense for 2006 and 2007, and book value at December 31, 2007, under the straight-line method.
2006 depreciation = $_______________.
2007 depreciation = $_______________.
12/31/07 book value = $_______________.
Paul invest $10,000 cash in an equipment leasing activity for 15% ownership share in the business. The remaining 85% owner is Amanda. Amanda contributes $10,000 and personally borrows $75,000 that she also invests in the business. What are the at-..
The audit of the inventory management process is affected by the audit results from multiple other processes. Identify the processes, other than the inventory management process,
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Vandross Company has recorded bad debt expense in the past at a rate of 1.5% of net sales. In 2012, Vandross decides to increase its estimate to 2%.
Antawn expects to sell 42,000 units of finished goods this period-How many units must he budget for production this period
Stacey and Andrew each own one-half of the stock in Parakket Corporation, a calendar year taxpayer. Cash distributions from Parakeet are : $350,000 to Stacey on April 1 and $150,000 to Andrew on May 1. If Parakeet;s current E&P is $60,000, how muc..
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Jade Corporation merged into Fluorite Corporation 2 years ago. At the time of the merger, Jade had an E & P deficit of $350,000 and Fluorite had a positive E & P of $300,000. The prior 2 years have resulted in a positive E & P of $100,000.
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Fitzgerald Company wrote checks totalling $17,080 during October and $18,650 during November. What was the amount of outstanding checks on November 30?
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