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Aggie Co. purchased equipment on January 1, 2004, at a cost of $650,000. The asset was estimated to have a 12-year life with a residual value of $50,000. Aggie uses straight-line depreciation. In 2009, Aggie revised its total estimated life to 10 years, with no residual value.Required: Prepare journal entries to record Aggie's depreciation expense for 2008 and 2009. Show computations.
a client comes to you thinking about starting a consulting business. your client is specifically interested in what
Why is it possible for a company to show a profit on their income statements and still go bankrupt? If you were looking at the financial statements of a company, how would you go about satisfying yourself that a company was not having cash flow pr..
When should Alpine West recognize revenue from the sale of its season passes? Prepare the appropriate journal entries that Alpine would record on November 6 and December 31.
Which of the following describes defined benefit pension plans? a. The investment risk is borne by the employee. b. The plans are simple and easy to construct.
The pecking order theory of capital structure rests on an assumption
JC Accounting performs two types of services, Tax and Consulting. JC's overhead costs consist of computer support, $200,000; and legal support, $100,000. Information on the two services is:
Calculate the cash dividends required to be paid for each of the following preferred stock issues: The semiannual dividend on 6% cumulative preferred, $50 par value, 30,000 shares authorized, issued, and outstanding.
Lockard Company purchased machinery on January 1, 2010 for 80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years.
Nancy's Niche sells a single product. 8,000 units were sold resulting in $80,000 of sales revenue, $20,000 of variable costs, and $10,000 of fixed costs. If variable costs decrease by $1 per unit, the new breakeven point is:
The total budgeted manufacturing overhead for the year was $2,000,000, of which $1,600,000 was variable and $400,000 was fixed.
Is it favorable or unfavorable? What amount of the book-tax difference is permanent and what amount is temporary?
Maria who is single had the following items for 2010; Determine Maria's adjusted gross income for 2010?
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