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Food to go delivery service disposed of one of their delivery cars after using it for two years. The records of the company provide the following information: Delivery car cost: 30,000 Accumulated depreciation 10,000 Calculate the gain or loss on the disposal of the car for each of the following independent situations:
a. Food to go sold the car to another company for 22,000 b. Food to go sold the car to another company for 17,000 c. The car was stolen from the parking lot and no insurance was carried or it for theft.
After all noncash assets are sold and all liabilities are paid, there is a cash balance of $130,000. What amount of loss on realization should be allocated to Soledad?
Also, the company owed the gas and electric company $2,000 at year-end, and the rent payment was for a two-year period. Calculate accrual net income for the year.
The remainder of the fixed selling and administrative expense represents current cash flows. The cash disbursements for selling and administrative expenses on the March selling and administrative expense budget should be:
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The words debit and credit are used in two ways in accounting: ''e.g., to debit an account'' and ''a debit balance.'' Explain both usages of the terms debit and credit.
On January 1, 2009, Roosevelt Company purchased 12% bonds, having a maturity value of $500,000, for $537,907.40. Prepare the journal entry at the date of the bond purchase.
Do changes in turnover ratios affect profitability? Explain - identify any steps Tym might have taken, or might wish to take, to improve management of receivables and inventory turnover.
Prepare the journal entry to record the issuance of the bonds and the related bond issue costs incurred on January 1, 2009.
Inventory is an important asset for merchandisers. Considering the various methods of valuing inventory and the flow of merchandise, what are the strengths and weaknesses of each method? Why would a company chose one method over another? Is there ..
What is Omega's charitable contributions deduction for the current year and its charitable contributions carryover to next year, if any?
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