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On Jan 1, 2010 the ABC Company ledger shows Equipment $36,000 and Accumulated Depreciation $14,000. The depreciation resulted from using straight line method with a useful life of 10 years and a salvage value of $2,000. On this date the company concludes that the equipment has a remaining useful life of two years with the same salvage value. Compute the revised annual depreciation.
What if a cahs receipt were applied to the wrong customer? Identify Internal control that would detect or prevent thid from occurring.
Formulate your own opinion on the proper treatment for the $5,000,000 commercial paper based on your reading in the text. Explain how you think the item should be reported and give text pages to support your conclusions.
In the beginning of 2012, Ken Corp changed its salvage value of equipment from 3 to 5 years. The change is material in the financial statements.
Ten years ago J-Bar Company purchased a lathe for $250,000. It was being depreciated on a straight-line basis to an estimated $25,000 salvage value over a 15 year period. The firm is considering selling the old lathe and purchasing a new one.
The contribution margin for product A is $5 and for product B it is $4. What is the most profitable sales mix for the Foam Pet Mattress Company?
The parent company acquires all of a subsidary's common stock but only 70 percent of its preferred shares. This preferred stock pays a 7 percent annual cumulative dividend. No dividends are in arrears at the current time. How is the noncontrolling..
A firm will only earn normal profit in the long run: a) if firms can freely enter or leave the market b) if firms do not try to maximize profit c) only if the industry is perfectly competitive d) whenever products are not differentiated
What was the interest rate used to value the lease? What is the annual lease payment? What was the present value of the lease obligation on January 1, Year 6?
Prepare example journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.
Evaluate her entry date into the plan and determine Harriet's vesting years as of 31 st December, 2000
A company with 100,000 authorized shares of $4 par common stock issued 50,000 shares at $9. Subsequently, the company declared a 2% stock dividend on a date when the market price was $10 a share. The effect of the declaration and issuance of the s..
Benny's Repair Shop started the year with total assets of $100,000 and total liabilities of $80,000. During the year the business recorded $210,000 in revenues, $110,000 in expenses, and dividends of $20,000.
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