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Valley Corporation purchased a new piece of equipment on June 1, 2011. The cost of this machine was $325,000. The company estimated that the machine would have a salvage value of $25,000 at the end of its service life. Its life is estimated at four years and its working hours are estimated at 50,000 hours. Year end is December 31.
Compute the depreciation expense under the following methods. Each of the following should be considered unrelated.
1. Straight-line depreciation for 2011.2. Units of production method for 2011, assuming that machine usage was 13,000 hours.3. Sum-of-the-years'-digits for 2012.4. Double-declining balance for 2012.
give an overview of the accounting for retirement compensation benefits given by employers. in your discussion contrast
popper co. acquired 80 percent of the common stock of cocker co. on 1st january 2009 when cocker had the subsequent
On January 31, 2010, Janet won the lottery and on the same day she decided to repay all of her original debts to everyone whom she owed money. Prepare the journal entry to record Walter's unexpected receipt of Janet's payment.
Suppose you take out a $100,000 30 year US mortgage at 12% and after 167 payments the rate drops to 3%. What are your new payments? What is the effective semiannual interest rate of a loan that is 17% per month compounded monthly? What are the monthl..
On September 1, Ziegler Corporation had 56,000 shares of $5 par value common stock, and $168,000 of retained earnings. On that date, when the market price of the stock is $15 per share,
Prepare the pro forma Balance Sheet and pro forma Income Statement. The EFR will be a plug number that makes the balance sheet balance like in the class example.
Prepare a journal entries that summarize sales of the awnings (assume all lcredit sales) and any aspects of the warranty that should be recorded during 2011.
Henrietta transfers cash of $75,000 and equipment with a fair market value of $25,000 (basis to her as a sole proprietor, $10,000) in exchange for a 40% profit and loss interest worth $100,000. How much are Henrietta’s realized and recognized gains? ..
On October 1, 2013, King Company issued to Nations Bank a $600,000, 8-month, noninterest-bearing note. Interest was discounted by the bank at a 12% discount rate. Prepare the appropriate journal entry by King to record the issuance of the note. Deter..
What is the primary role of internal controls in managing a business?
Providers have an incentive to reduce costs and reduce utilization-Providers have an incentive to set higher charge rates to increase revenues
Cash conversion cycle: What is the cash conversion cycle for Ridge Company?
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