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As part of a major renovation at the beginning of the year, Hauser Pharmaceuticals, Inc., sold shelving units (store fixtures) that were 10 years old for $1,000 cash. The shelves originally cost $6,400 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $400. Assuming that depreciation has been recorded to the date of sale, show the effect of the disposal on the accounting equation.
1. Prepare the journal entry to record the sale of the shelving units.
At the end of your accounting cycle, you have $500,000 in customer deposits. How do you state and properly account for this activity in your financial statements?
Hardouin Company uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 22,000 units in its beginning work in process inventory that were 20% complete with re..
What is a firm's weighted-average cost of capital if the stock has a beta of 1.45. Treasury bills yield 5%, and market portfolio offers an expected return of 14%? In addition to equity, the firm finances 30% of its assets with debt that has a yiel..
Collections during the year from down payments and installments totaled $300,000. Purchases for the year totaled $400,000; the cost of merchandise on hand at the end of the year was $80,000. Instructions: Using the installment-sales method, make s..
Determine whether or not the measurement of net income for a merchandising company conceptually is the same for a service company.
The actual manufacturing overhead cost incurred was $54,000. The manufacturing overhead cost applied to Work in Process was $58,000. The cost of goods manufactured for September was?
which of the following is not a mechanism that helps aligning management and owner interests?a possibility of a hostile
labor costs that are clearly associated with specific units or batches of product because the labor is used to convert
weaver companys predetermined overhead rate is 18.00 per direct labor-hour and its direct labor wage rate is 16.00 per
What accounts does a company debit and credit in a prepaid expense adjusting entry? What accounts are debited and credited in an unearned revenue adjusting entry.
Using the activity base info in (a), determine the annual amount of payroll and purchasing costs charged back to the Residential, COmmercial, and Government contract divisions from payroll and purchasing services.
What are the costs and benefits to Apple from disclosing this information? What issues does this change raise for the auditor? What additional tests would you want to conduct as Apple's auditor?
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