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Depreciation by units-of-output method
Prior to adjustment at the end of the year, the balance in Trucks is $296,900 and the balance in Accumulated Depreciation-Trucks is $99,740. Details of the subsidiary ledger are as follows:
Accumulated
Miles
Estimated
Depreciation
Operated
Truck
Residual
Useful
at Beginning
During
No.
Cost
Value
Life
of Year
Year
1
$80,000
$15,000
250,000 miles
-
21,000 miles
2
54,000
6,000
300,000
$14,400
33,500
3
72,900
10,900
200,000
60,140
8,000
4
90,000
22,800
240,000
25,200
22,500
a. Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the miles operated during the current year.
b. Journalize the entry to record depreciation for the year.
Conversion costs are incurred evenly throughout the process. The Assembly Department had no work in process on March 31. In mid-April, Sue Electronics started production on 100,000 CD players. Of this number, 76,100 CD players were assembled durin..
Development of relevant cash flows - Cost estimating and financial analysis
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The Acme Company issued 5%, 10-year bonds payable at 90 on December 31, 2010. At December 31, 2012, Acme reported the bonds payable as follows.
questionon 1st january 2012 john doeby enterprises acquired a 55 interest in bmi inc. bmi. doeby paid for the
Selling and administrative expenses are projected to be $45,117; this figure includes $1,117 in depreciation expense on the office equipment. All costs and expenses will be paid in cash. Nemani wants to maintain a balance of at least $25,000 cash ..
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The accounting period has just ended and you-in the accounting department-are preparing journal entries for the transactions that took place during the month. Make sure to include entries that affect the COGS account.
Prepare the entries for Bassett Company for the purchase of the stock, share of Nassim income, and dividends received from Nassim Company.
On February 2007, Reflection Corporation purchased a parcel of land as a factory site for $50,000 - Evaluate reflection should record the cost of the land and new building
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