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Presented below are selected transactions at thomas company for 2006. Jan1st - Retired a piece of machinery that was purchased on Jan 1st 1996. The machine cost 62,000 on that date. It had a useful life of 10 years with no salvage value. June 30th - Sold a computer that was purchased on Jan 1st 2003. The computer cost 35,000. It had a useful life of 5 years with no salvage value. The computer sold for 12,000. DEC31st - Discarded a delivery truck that was purchased on Jan1st 2002. The truck cost 33,000. It was depreciated based on a 6 year useful life with a 3,000 salvage value.
INSTRUCTIONS: Journalize all entries required on the abouve dates, including entries to update depreciation, where applicable, on assets disposed of. Thomas Company uses straight-line depreciation. (Assume depreciation is uo to date as of Dec 31 2005.
If all the current assets were liquidated today, the company would receive $855,000 cash. What is the book value of Klingon's assets today?
a. Journalize the entries required to complete the closing of the accounts. b. Determine the amount of Retained Earnings at the end of the period.
Compute the breakeven analysis in sales dollars for the company.
If the patent is to be written off over a 10-year period, at what amount should it be reported on consolidated statements at December 31, 2012?
Which of the following is correct in regard to equity trading securities?
Explain what is meant by "Rate of Return." Why does a business owner need to understand rate of return. Your client has told you that he only cares about cash flow. As long as he can pay his bills and take out some capital form the business, he do..
What are the implications of BP's strategy in terms of public perception and how may this impact upon their performance?
During 2010, 4,000,000 packages of light bulbs are sold, and 140,000 $1 rebates are mailed to customers. What is the rebate expense and liability, respectively, shown on the 2010 financial statements dated December 31?
Determining the proper dollar valuation
The interest (settlement) rate applicable to the plan is 10%. On January 1, 2014, the company amends its pension agreement so that service costs of $250,000 are created. Other data related to the pension plan are as follows.
Your friend, Mark, has opened a movie theater. Mark states that he does not have time to develop and implement a system of internal controls. a. Provide Mark with the objectives of a system of internal control.
Presented below is information related to Greene Company. Compute the inventory by the conventional retail inventory method.
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