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Question - Computing Depreciation, Net Book Value, and Gain or Loss on Asset Sale
Lynch Company owns and operates a delivery van that originally cost $46,400. Lynch has recorded straight-line depreciation on the van for four years, calculated assuming a $5,000 expected salvage value at the end of its estimated six-year useful life. Depreciation was last recorded at the end of the fourth year, at which time Lynch disposes of this van.
a. Compute the net book value of the van on the disposal date.
b. Compute the gain or loss on sale of the van if the disposal proceeds are:Use a negative sign with your answer if the sale results in a loss.
Describe the difference between expenditure recognition and measurement in the governmental funds financial statements and expense recognition.
Complete the journal entries below to record (a) issuance of the note, (b) accrual of interest at the end of 2015, and (c) payment of the note at maturity
Datamix, a U. S. corporation with customers in several foreign countries, had the following selected trans actions for 2013 and 2014.2013
a. determine the present value of 15000 to be paid annually for 10 years discounted at an annual rate of 6 percent.
Katie Enterprises reports the year-end information from 20X8 as follows: Sales (70,000 units) $560,000; What is budgeted sales for 20X2
You recently invested $12,000 of your savings in a security issued by a large company. The security agreement pays you 7 percent per year and has a maturity two years from the day you purchased it.
Stephanie Martinez opened a Latin Fusion restaurant downtown in a large southerncity.
The proportion of adult women in the United States is approximately 51%. A marketing survey telephones 400 people at random. a) What is the sampling distribution of the observed proportion that are women?
Prepare the journal entry or entries, with explanations, that should be recorded on December 31, 2010, by Ludwick.
Prepare an account form of balance sheet, assuming that the current portion of the note payable is $8,000.
In January, gross earnings in Alexi Company were $60,000. All earnings are subject to 8% FICA taxes. Federal income tax withheld was $14,000, and state income tax withheld was $1,600.
the cash provided by operations cover the investing activities?
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