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On January 1, 2011, Galaxy Sun Industries acquired a new piece of machinery and a used truck from Acme Equipment Company. Galaxy Sun negotiated a price of $125,000 for both items. The fair market value of the equipment was $120,000, and the fair market value of the truck was $30,000. Galaxy Sun Industries signed a note with Acme to make the purchase.
Prepare the journal entry to record the purchase of the equipment
How are the effects of these transactions reported on the statement of cash flows and how are the effects of these transactions reported on the statement of cash flows?
Make the journal entries necessary to record the transactions above using appropriate dates
You just won the lottery! As your prize you will receive $1,200 a month for 100 months. If you can earn 8% on your money, what is this prize worth to you today?
what is the formula for calculating current ratio and acid test ratio after a transaction. For example, a Company has $1,000,000 of current assets.
Determine income tax refund that Garvey Corporation would realize in year three, assuming the corporation elected to use the carryback provision for its net operating loss.
accents associates sells only single product with a current s.p. of 90 per unit. variable costs are 40 of this selling
What do you think the SEC means by this? What factors might make a quantitatively small misstatement qualitatively material? How would you, as an auditor, develop procedures to build in a qualitative aspect of review and an anticipation of risk?
Compare copper and aluminum as the materials for ordinary utility conductors to be used in construction and all types of machinery. Use the cost data for metals from today's wall street journal, where the price of copper is given in $/lb and the pric..
tamra corp. creates one product line. in february 2013 tamra paid 530000 in factory overhead costs. of that amount
Noncash assets were sold for $115,000. The income ratios of the partners Kale D., Croix D., and Marais K. are 2:3:3, respectively. Complete the following schedule of cash payments for Grafton Company.
The Make a Way Foundation has run into a financial crisis. Halfway into their fiscal year, the financier has realized that the company has not put enough money aside to cover all of their costs for the children's summer expense project.
question choose a public university system and review the audit report and financial statements for the system.prepare
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