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on April 1, 2010, a company disposed of equipment for $14,200 cash that had cost $35,000 on January 1, 2006. The equipment had a salvage value of $5,000, and a useful life 10 years. The double-declining- balance depreciation method was used. On december 31, 2009, accumulated depreciation was $20,664. Prepare a journal entry to record depreciation for 2010 up to the date of disposal of the equipment, and prepare a journal entry to record the disposal of the equipment.
The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. Ignoring taxes, what is the effect on earnings in the year after the options are granted to executives?
Recommend a transfer price and explain your reasons for choosing that price.
An accountant has debited an account for $3,500 and credited a liability account for $2,000. Which of the following would be an incorrect way to complete the recording of this transaction:
Assume that you are part of the audit team and assess a client's audit risk as high. Suggest what procedure the audit team should implement to reduce the risk to the firm.
The consolidated cash flow from operations of Jones corporation and its subsidiary short manufacturing for 2012 decreased quite substantially from 2011 despite the fact that consolidated net income increase slightly in 2012.
Some commentators have criticized the use of equity accounting on the basis that it can be used as a form of off balance sheet financing. Explain the reasoning behind the use of equity accounting and discus the comments.
Banerjee Company expect to receive $200 at the end of each of next 5 years and an additional $1,000 at the end of the fifth year. Therefore, the total payment will be $2,000.
Provide a sector/industry analysis and narrative to start a health food cafe that serves whole food and organic food. Please also include sources.
Samantha exchanges a truck used in her business with Phyllis for another truck. The basis of Samantha's old truck is $25,000, FMV is $33,000, and she gives Phyllis cash of $7,000. Phyllis's basis in her truck is $35,000 and its FMV is $40,000. Wha..
Sara owns a sole proprietorship and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how these losses will affect the taxable income of the ..
Which of the following statements is (are) false regarding first-stage and second-stage cost allocation methods?
By how much will Appling's earnings be increased or decreased by the bonds (ignoring taxes) in the December 31 annual financial statements?
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