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Jurassic Company owns equipment that cost $1,867,500 and has accumulated depreciation of $788,500. The expected future net cash flows from the use of the asset are expected to be $1,037,500. The fair value of the equipment is $830,000.Prepare the journal entry, if any, to record the impairment loss
Globe uses a traditional costing system and assigns overhead based on direct labor hours. Each unit of B2 would be assigned overhead of:
Identify the parties potentially affected by this audit and the fee plan proposed.
In 2010, Bombay Corporation had cash receipts of $21,000 and cash disbursements of $12,000. Their ending cash balance at December 31, 2010 was $33,000. What was their beginning cash balance?
a. Calculate the issue price of the bonds. b. Without prejudice to your solution in part a, assume that the issue price was $884,000. Prepare the amortization table for 2008, assuming that amortization is recorded on interest payment dates.
Which of the following statements regarding fixed costs is incorrect?
Flagstaff Department Store had net credit sales of $13,000,000 and cost of goods sold of $10,000,000 for the year. The average inventory for the year amounted to $2,500,000.
Admire County Bank agrees to lend Givens Brick Company $300,000 on January 1. Givens Brick Company signs a $300,000, 8%, 9-month note. What entry will Givens Brick Company make to pay off the note and interest at maturity assuming that interest ha..
Prepare journal entries to record the following transactions entered, answer the questions in accounting basics.
A barn, destroyed by fire, had a basis of $40,000. The owner received $50,000 in insurance proceeds. The barn was replaced by another barn costing $45,000. The basis of the new barn is:
Genesis Corporation is now in its 30th year of business. The founder of company is planning to retire at the end of year and turn the business over to his daughter.
Compute the depreciation for each of the three years, assuming the use of units-of-production depreciation.
distinguish between a capital expenditure and an operating expenditure. explain why a company might want to capitalized expenditures rater than expense them. what impact would such a decision have on its financial statement?
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