User Account

All Pages

Platinum corporation purchased machinery on january 1 2007

Assignment Help Accounting Basics
Reference no: EM13481805

Platinum Corporation purchased machinery on January 1, 2007 at acost of $160,000. The machinery has an estimated useful life of 10years and $30,000 residual value. Platinum's income, before depreciation and income taxes, for 2007 was $300,000. If Stone hasa 40% income tax rate, determine the amount of income tax expense and net income it will report, using the

a. straight-line method

b. double declining balance method

Reference no: EM13481805

Questions Cloud

Following information is provided by national company : following information is provided by national company limited for the year ended june 30 2009. you are required to
Use incremental revenue and incremental costs to compute : company a is scheduled to produce 40000 units and have thecapacity to produce 55000 units. budgeted cost for
A columnar schedule used to summarize accounting data often : nbspnbspnbspnbsp1.nbspnbspnbspnbspaccounts that are not closed to a zero balance at the end of each
General matters outstanding bond issue has a coupon rate of : general matters outstanding bond issue has a coupon rate of 8.4 and it sells at a yield to maturity of 7.50. the firm
Platinum corporation purchased machinery on january 1 2007 : platinum corporation purchased machinery on january 1 2007 at acost of 160000. the machinery has an estimated useful
Laci inc is considering two alternatives to finance its : laci inc. is considering two alternatives to finance its construction of a new 2.00 million plant. a issuance of 200000
A system of accounting in which revenues and expenses are : nbspnbspnbspnbsp1.nbspnbspnbspnbspaccounts that are not closed to a zero balance at the end of each
Prepare a schedule calculating the effect of : keelson enterprises manufactures automobiles and occasionallymakes small investments in other corporations for
Besides comparability as stated what other factors might : ifrs reporting rules that apply in many countries outside the u.s permit management to for example revalue long lived

Reviews

Write a Review

Accounting Basics Questions & Answers

  After-tax profit of falcon company

Compute the after-tax profit of Falcon.Com separately for both the (1) FIFO and (2) LIFO methods of inventory valuation assuming the company has no expenses other than cost of goods sold and its income tax rate is 50%. Taxes are accrued currently ..

  Pay for the investment

If Alice decides to buy the investment, she would receive the first $250 payment one year from today. How much should Alice be willing to pay for this investment?

  Most decisions made by management impact the ratios

most decisions made by management impact the ratios analysts use to evaluate performance. indicate by letter whether

  Comment on the propriety of what chesterplans to do

In completing his Federal income tax return for both 2004 and 2005, Chester intends to file as head of household and to claimHeloise as his dependent. Comment on the propriety of what Chesterplans to do.

  Relevant to decesion about obsolete parts

The part would be sold for $7000 or modified for $10000 and sold for 20300. Which of data is relevant to the decesion about the obsolete parts?

  Was cost the main consideration in setting those prices

Mobile Battery features more than a dozen brands of batteries in many sizes. Two of the brands are PowerPlus and SuperPower. The following information about the two brands was obtained.

  What is the new companys total amount of liabilities plus

prepare a business memo in word addressed to mark zuckerberg discussing the following 1. accountbook obtains a 500000

  E1aconcept carlos companys accountant makes the

e1a.concept . carlos companys accountant makes the assumptions or performs the activities listed below. tell which of

  Current manufacturing costs

If ending WIP is $18,000 and ending finished goods is $15,000, how much were the cost of goods manufactured and the current manufacturing costs?

  Compute the eac machines

For both Machine use straight line depreciation to zero over the projects life and assume a salvage value of $40,000. if your tax rate is 35 percent and your discount rate is 10 percent , compute the EAC of both machines

  Prepare an income statement for vadercorp for the year

At the start of 2012, Vadercorp reported retained earnings totaling $940,000. Prepare a statement of retained earnings.

  Ingham inc has the capacity to produce 10000 fax machines

ingham inc. has the capacity to produce 10000 fax machines per year. ingham currently produces and sells 7000 units

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd