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Blue Highway Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2007, at a cost of $120,000. Over its 4-year useful life, the bus is expected to be driven 160,000 miles. Salvage value is expected to be $8,000. (Round all answers to 2 decimal places.)
Compute the depreciation cost per unit. $ per mile
Prepare a depreciation schedule assuming actual mileage was: 2007, 40,000; 2008, 52,000; 2009, 41,000; and 2010, 27,000.
What are some benefits of an auditor using statistical sampling? What are some examples of statistical sampling? Does anyone have any experience they are willing to share with the class on statistical sampling - answer 150-200 words.
Freedom Corporation reports the following amounts: Assets = $12,000; Liabilities = $2,000; Stockholders' equity = $10,000; Dividends = $2,000; Revenues = $15,000; and Expenses = $11,000. What amount is reported for net income?
In the case of a privately held company, what should be the focus of management, to meet all the reporting guidelines set by the FASB ASC, or to maximize the profits of the company?
Prepare a statement of retained earnings for the year.
Prepare the general journal entries that should be made in 2010 and 2011 related to the above plan by Paige Candy; and also Indicate the account names, amounts, and classifications of the items related to the premium plan that would appear on the ..
Determine the rate and efficiency variances for the variable overhead item power cost and indicate whether those variances are unfavourable or favourable.
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2011 financial statements are issued on March 15, 2012.
Indicate the statement presentation of the related unrealized gain (loss) accounts for each class of securities.
Smith Manufacturing's bank has just informed the company's CFO that an audit is required to obtain an operating line of credit (LOC). The company needs the LOC to maintain its cash flow.
During 2010, Barney Company purchased marketable equity securities as a short-term investment and classified them as trading securities. The cost and market value at December 31, 2010, were as follows:
At the end of fiscal year 2010, the Acme Company wishes to declare $50,000 in common stock dividends. They currently have 100,000 shares of common stock outstanding and 5,000 shares of $100 par value, 5%, cumulative preferred stock.
An inventory loss from market decline of $900,000 occurred in April 2011. CD Company recorded this loss in April 2011 after its March 31, 2011, quarterly report was issued. None of this loss was recovered by the end of the year. How should this lo..
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