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Legend Service Center just purchased an automobile hoist for $32,500. The hoist has an 8-year life and an estimated salvage value of $3,470. Installation costs and freight charges were $3,580 and $840, respectively. Legend uses straight-line depreciation. The new hoist will be used to replace mufflers and tires on automobiles.
Legend estimates that the new hoist will enable his mechanics to replace 5 extra mufflers per week. Each muffler sells for $74 installed. The cost of a muffler is $37, and the labor cost to install a muffler is $15.
(a) Compute the cash payback period for the new hoist. (Round answer to 2 decimal places, e.g. 10.50.) Cash payback period Entry field with incorrect answer years
(b) Compute the annual rate of return for the new hoist. (Round answer to 1 decimal place, e.g. 10.5.) Annual rate of return Entry field with incorrect answer%
Determine which of these costs are product costs and which are period costs.
Record journal entries that reflect all of the above information and a local business donated medical supplies to Wakefield with a value of $40,000. Prepare journal entry for receipt of these supplies.
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Based upon this information, does Grant Products appear more or less solvent than the average company in its industry? Explain briefly.
The acquisition of Bark's assets for $8 million of Ark's voting common, the assumption of $2 million of liabilities, and the payment by Ark of $100 in cash.
Sherry Rudd recently inherited a trust fund from a distant relative. On January 2, the bank managing the trust fund notified Rudd that she has the option of receiving a lump sum check for $200000 or leaving the money in the trust fund and receiving a..
Determine the annual depreciation for each of the five years of estimated useful life of the equipment - Journalize the entry to record the exchange.
What is percy's cost of common equity - Percy Motors has a target capital structure of 40% debt and 60% common equity, with no preferred stock
If fair values are used and adjusted each balance sheet date, how do you think this will impact the accumulated depreciation account?
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