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Use the following information to answer questions 1-5.
A pressurized spray painter was purchased on April 1 of the fiscal year for $3,900. It has a useful life of 4 years, and a residual value of $300.
1. Determine depreciation expense for year one using the straight-line method. $300$3900$600$675
2. Determine depreciation expense for year one using the double-declining-balance method. $3900.00$1462.50$2437.50$1500.00
3. Determine depreciation expense for two using the straight-line method. $300$3900$600$900
4. Determine depreciation expense for year two using the double-declining-balance method. $1218.75$3900$2437.50$1500.00
5. If the equipment is sold at the end of year one for $3225, what will be the gain or loss on the sale, assuming that the company used the straight line method of depreciation. $1000$100$2225$0
Prepare in general journal form the entries required in the Alex Benton Park Endowment Fund to record the transactions occurring during the fiscal year ending June 30, 2011, including all appropriate adjusting and closing entries.
What makes cash basis easier for small companies to use? Do you think it has to do with their frame of reference on business operations? In other words, if they have cash left at the end of the period, is that an indication they're doing well?
Describe the failures in internal controls of Royal Dutch Shell plc. and explain how they contributed toward the financial reporting problems at Shell.
Calculate the cost and selling price of one pound of cashews and one pound of chestnuts and calculate the cost and selling price of one pound of cashews and one pound of chestnuts.
1. describe the home depot business model. why didnt this business model work in china?2. describe some of the
But in order to grow you'll need to be able to keep the after- tax earnings. You also want to limit your liability. How will you structure your business and why?
LaPlatt & Associates is bidding on tax and audit service for a potential client that are expected to require 100 hours of professional service time. Compute the estimated cost of the work using average professional wage rates and basing indirect c..
In Saint-Simon, Inc., the Assembly Department started 12,000 units and completed 14,000 units. If beginning work in process was 6,000 units, how many units are in ending work in process?
royal tea a wholly-owned english subsidiary of u.s. beverages a u.s. firm maintains its inventory at cost and royal
Using the information in the table below, calculate the amount of the unfavorable rate variance.
Trepid then prepared a flexible budget at 38,000 labor hours. How much is total overhead costs at this level of activity?
The Gem Company, a sole proprietorship, provides health insurance for its owner and two employees. The cost per person is $200 per month. Explain how the Gem Company and its sole proprietor will treat this expense.
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