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Presented below is information related to equipment owned by Porto Company at December 31, 2014. Cost Accumulated depreciation to date Expected future net cash flows Fair value $7,000,000 800,000 5,000,000 3,400,000 Assume that Porto will continue to use this asset in the future. As of December 31, 2014, the equipment has a remaining useful life of 4 years. Instructions (a) Conduct the recoverability test for the equipment. (b) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2014.
This is my situation, I own a used car lot, I sold and report to Department of Revenue in sales the amount of $720.000 dollars.
Wallace Motors, which began business on December 31, 2009, buys and sells used cars. Calculate the monthly revenue for Wallace Motors for January and February 2010.
Eco Wet, Inc., a manufacturer of gears for lawn sprinklers, is thinking about add- ing a new fully automated machine. This machine can produce gears that the com- pany now produces on its third shift. The machine has an estimated useful life of ten y..
Identify the two primary sources of stockholders equity, and which source would be considered to be internally generated?
What are the organisational ethical leadership problems that resulted in columbia/HCA's mis conduct and what other suggestion could columbia/HCA have implied to sensitize its employees to ethical issues
Complete the entries to adjust the trial balance for the closing entries and prepare an statement of income and statement of financial position
The Sanding Department of Ortiz Furniture Company has the following production and manufacturing cost data for March 2017, the first month of operation. Prepare a production cost report.
General Guidelines: 1. Organization and proper indication of answers will be taken into account in the grade. 2. No digital answers will be taken into account. 3. All calculations must be provided Total Worth: 5 points 1. Design borrowed $700,000 on ..
1. all of the following costs should be charged against revenue in the period in which costs are
A company which manufactures 3 types of automobiles (standard, mid classm and luxury incurred the following costs for March. What are the direct costs to the mid-line of cars total
If the interest rate that the firm must pay to borrow capital is 25%, then if the firm borrows the optimal amount of capital, what is the organization's total revenue?
Why is Bike Company likely to prefer this method for tax purpose and usefulness of the installment method for a credit analyst in using both the balance sheet and income statement.
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