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Stevens Co. bought a machine on January 1, 2008 for $875,000. It had a $25,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Stevens uses straight-line depreciation. This was discovered in 2010. Instructions Prepare the entry or entries related to the machine for 2010. Show supporting computations.
On March 1, Year 1, a firm issues $475,000 bonds at par value plus accrued interest. The stated rate on the bonds was 12% and the bonds pay interest semi-annually on June 30 and December 31. Prepare the entries necessary to record
Why do most companies use normal or standard costing? After all, actual costing give the actual cost, so the firm could just wait until it knows what the cost will be.
Dr. Mark Skousen, in his article, "Raising Cain: Why the 9-9-9- Tax Plan is a Dangerous Policy", states that Republican Herman Cain has gotten quite a bit of publicity about his new 9-9-9 tax plan.
Suzy has been the sole shareholder of a calendar year S-Corporation since 1979. The S-Corporation has the following balances.
Evaluate the proposed change in credit standards and make a recommendation to the firm.
What is the significance of current assets vs. long-term assets? Would they affect your ability to obtain a loan or sell your business? Explain.
When a company amends a pension plan, for accounting purposes, prior service costs should be:
The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 50,000 shares were originally issued and 5,000 were subsequently reacquired. What is the amount of cash dividends to be paid if a $1 per share di..
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%.
Sarah incurred employee business expenses of $5,000 consisting of $3,000 business meals and $2,000 customer entertainment. She provided an adequate accounting to her employer's accountable plan and received reimbursement for one-half of the total ..
What amount should Munoz report as its current federal income tax liability on its December 31, 2011 balance sheet?
Using Excel show all formulas for following: Firm has current assets of 100 million and current liabilities of 50 million and goes belly-up.
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