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On March 31, 2011, the Herzog Company purchased a factory complete with machinery and equipment. The allocation of the total purchase price of $1,000,000 to the various types of assets along with estimated useful lives and residual values are as follows Assets Costs Estimated Residual Value Estimated Useful Life in Years
On June 29, 2012, machinery included in the March 31, 2011, purchase that cost $100,000 was sold for $80,000. Herzog uses the straight-line depreciation method for buildings and machinery and the sum-of-the-years'-digits method for equipment. Partial-year depreciation is calculated based on the number of months an asset is in service 1. Compute depreciation expense on the building, machinery, and equipment for 2011. 2. Prepare the journal entries to record (1) depreciation on the machinery sold on June 29, 2012 and (2) the sale of machinery. 3. Compute depreciation expense on the building, remaining machinery, and equipment for 2012.
Assume further that the FICA tax rate was 7.5% (on earnings up to $100,000) and federal income tax to be withheld was $235. Determine the gross pay for the week.
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Tech Savvy, a computer consulting firm, has decided to write off the $8,375 balance of an account owed by a customer. Illustrate the effects on the accounts and financial statements to record the write-off (a) assuming that the direct write-off me..
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Accounting and __________ components manage accounting data and financial processes within the enterprise with functions such as general ledger, accounts payable, accounts receivable, budgeting, and asset management.
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