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The Collins Metal Shop purchased a stamping machine for $257,000 on March 1, 2015. The machine is expected to have a useful life of 10 years, a salvage value of $32,000, a production of 250,000 units, and working hours of 30,000. During 2016, Collins used the stamping machine for 2,450 hours to produce 23,450 units. From the information given, compute the book depreciation expense for 2016 under each of the following methods.
(a) Straight-line
(b) Units-of-production
(c) Working hours
(d) Double-declining-balance (without conversion to straight-line)
the 3600 of property taxes for the house were prorated with 1950 being apportioned to the seller and 1650 being
When an investment is acquired to be held for an unspecified period of time as opposed to being held to maturity, it is reported at the fair value of the investment securities on the reporting date. Why?
The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is $50 per unit. Prepare a schedule of cost of goods manufactured for the year.
Workforce, Inc. had beginning inventory in March consisting of 15,000 units (60 percent converted) and ending inventory consisting of 20,000 units (40 percent converted).
on january 1 durkin limited issues 9 20 year bonds payable with a maturity value of 70000. the bonds sell at 97 and pay
What is the remaining obligation on January 1, 2010 afterthe first payment has been made?
what are the four primary financial statements? explain in your own words what information is shown in each financial
overhead allocation bases lawler manufacturing company expects annual manufacturing overhead to be 900000. the company
fran traveled to san francisco during the year to do volunteer work for one week for the salvation army. she normally
The Fair Debt Collection Practices Act has four different types of collection practices. Explain who the legislation applies to and explain the four different collection methods.
If in preparing a work sheet an adjusted trial balance amount is mistakenly sorted to the wrong work sheet column. The Balance Sheet columns will balance on completing the work sheet but with the wrong net income, if the amount sorted in error is:
Acme, Inc. is evaluating a new project to produce rockets. The project will involve $500,000 to purchase a new machine. Every year, Acme will need to spend $10,000 to keep the machine running and the revenue is $195,000 per year by selling the rocket..
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