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Q: A firm of manufactures, whose books are closed on 31stDecember purchased machinery for 50,000 on 15 January , 1980.Additional machinery was acquired for Rs.10,000 on 1st July,1981and for Rs.16,466 on 14th April ,1984. Certain machinery,which orignally cost Rs.10,000 in 1980, was sold for Rs.5000 on30th June ,1983.
Given the machinery account for 5 years writing off depreciationat 10% on the written down value.
Dekon Company's December 31 year-end unadjusted trial balance shows an $8,000 balance is Notes Receivable. Prepare journal entries for December 31 and for the note's maturity date assuming it is honored.
Refer to the above data. If Harper Co. retires $10 million of these bonds by purchasing them from bondholders at current market price, the company will report:
The Amount Budgeted factory overhead 675,000 Budgeted machine hours 20,000 Actual direct labor cost 482,000 Budegeted direct labor costs 450,000 If the company uses estimated direct labor costs as its activity base Whats the overhead application r..
If Agnes should die before making the gift, her will stipulates that Stan will receive the stock. Identify the relevant tax issues that Agnes should consider in making her decision.
Following is the 2006 balance sheet for Sumi Industries. Complete the balance sheet by using the information that follows it.
In 2010, Richard, a single taxpayer, has adjusted gross income of 40,450. His AGI includes $4000 of qualified dividends. Richard has no dependents and does not itemize deductions. What is his 2010 federal income tax?
Max Company purchased equipment on November 1, 2010 and gave a 16-month, 12% note with a face value of $5,000. Interest will not be paid in cash until the note matures. The December 31, 2010 adjusting entry is ??
What amount of interest income should be included in Moor's 2011 income statement (the second year of the contract)?
For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $750. The amount debited to Accounts Receivable for the new partnership is
Mathews Bus Service traded in a used bus for a new one. The original cost of the old bus was $52,000. Accumulated depreciation at the time of the trade-in amounted to $34,000. The new bus cost $65,000, but Mathews was given a trade-in allowance of..
The installation cost for this equipment was $25,000. The firm plans to depreciate the equipment using the MACRS 5-year normal recovery period. Prepare a depreciation schedule showing the depreciation expense for each year.
Hill Corp. had 600,000 shares of common stock outstanding on January 1, issued 900,000 shares on July 1, and had income applicable to common stock of $1,050,000 for the year ending December 31, 2010. Earnings per share of common stock for 2010 woul..
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