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Hercules Exercising Equipment Co. purchased a computerised measuring device two years ago for $60,000. The equipment has been depreciated on a straight-line basis over a six year useful life and can currently be sold for $23,800.
Funseth Farms, purchased a tractor in 2008 at a cost of $30,000. The tractor was sold for $3,000 in 2011. Depreciation recorded through the disposal date totaled $26,000.
Ports Pans is considering the production of a new line of pottery. Based on preliminary market research, management has decided that each pot should be priced at $60. Furthermore, management believes that the profit margin should be 40 percent of ..
What is the impact of not balancing intercompany payables/receivables on a monthly basis? What is the impact on not eliminating intercompany payables/receivables during the consolidation? Is there an instance where either of these two practices wo..
For the tax year, Susan had salary income of $19,000. In addition, she reported the following capital transactions: Long-term capital gain $2,000; Short-term capital gain $4,000; Long-term capital loss -$7,000; Short-term capital loss -$3,000. The..
a. What are the amounts and character of Tom's recognized gains or losses? b. What is Tom's basis in the Total stock and notes? c. What is Total's basis in the property received from Tom?
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?
Identify a public agency - either at the local, state, or federal levels - that has undergone significant change in the last 25 years. You may choose an agency that you have had personal experience with, or you may choose a public agency that you ..
Prepare a bond discount amortization schedule which shows the amortization of discount for the first two interest payment dates. (Round to the nearest dollar.)
Use T accounts to record transactions involving assets, liabilites and owners equity for the following:
Write a research essay on your views as to when each of the two approaches would be appropriate, and provide examples of where each of the approaches might be appropriate in the current economic and business environment.
On July 1, 2007, Risen Co. issued 1500 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2007 and mature on April 1, 2017. Interest is payable semiannually on April 1 and October 1. What total amount of cash did Ri..
Any plans to depreciate the operating assets on a straight-line basis for 20 years. Determine the amount of depreciation expense for 2010 on these newly acquired assets.
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