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On July 1, 2008, Meed Kennels sells equipment for $66,000. The equipment originally cost $180,000, had an estimated 5-year life and an expected salvage value of $30,000. The accumulated depreciation account had a balance of $105,000 on January 1, 2008, using the straight-line method. The gain or loss on disposal is
The stockholders' equity section of Hiller Corporation's balance sheet at December 31, 2005, appears below: Prepare the journal entries to record the above stock transactions.
A non profit company sells a pair of shoe that has a cost of $2.00 for the price of $102.00. The gross profit is 100%. The tax libility is 37%. What is the formula to reduce the tax liability to 0%
Use the three divisional income statements in the Pinnacle_Financials Excel file on the Web site to prepare a common-size income statement for each of the three divisions for all three years.
Variable costs for Foley, Inc. are 25% of sales. Its selling price is $80 per unit. If Foley sells one unit more than break-even units, how much will profit increase?
Hess Co. manufactures a product that sells for $12 per unit. Total fixed costs are $96,000 and variable costs are $7 per unit. Hess can buy a newer production machine that will increase total fixed costs by $22,800 but variable costs will be decre..
Compute the consolidated gain or loss on a consolidated income statement for 2009.
If the current assets in 2010 were 112,004 and in 2009 the current assets were 113,030 the change is -1,026. That would mean the percent of change is -.009%. Is this correct? Can a percent of change be negative? If so, is this the proper way to wr..
A. Low Carb Diet Supplement, Inc. has two divisions. Division A has a profit of $100,000 on sales of $2,000,000. Division B is only able to make $25,000 on sales of $300,000. Based on the profit margins (returns on sales), which division is superior?
Britney is beneficiary of an $150,000 insurance policy on her father's life. Upon his death, she may elect to receive the proceeds in five yearly installments of $32,000 or may take the $150 lump sum. She elects to take the lump sum payment. What ..
Prepare a brief memo (no more than 120 words) giving the arguments for and against offering this preferred stock. In the memo also briefly mention other methods of obtaining the cash.
Explain the important characteristics of Generally Accepted Accounting Principles or standards. Why are these characteristics of GAAP important?
The sensitivity and importance of payroll and payroll information cannot be overstated. The managing and protecting of this information deserves and has the attention of any number of managers within an organization.
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