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On January 1, 2012, Skyline Limousine Co. purchased a limo at an acquisition cost of $28,000. The vehicle has been depreciated by the straight-line method using a 4-year service life and a $4,000 salvage value. The company's fiscal year ends on December 31.
Instructions
Prepare the journal entry or entries to record the disposal of the limousine assuming that it was:
(a) Retired and scrapped with no salvage value on January 1, 2016.
(b) Sold for $5,000 on July 1, 2015.
the delivery trucks of italianas pizzeria incurred maintenance costs of 2400 during its busiest month of 2014 in which
whitewater co. lost its entire inventory in a flash flood that occurred on august 31 20. over the past 4 years gross
Using the T accounts shown below, record the following activities. Materials issued to the factory were $228,000 (total); indirect materials were $16,600.
selected balances from a companys financial statements are shown below. calculate the followinga accounts receivable
on may 1 2011 newby corp. issued 600000 9 5-year bonds at face value. the bonds were dated may 1 2011 and pay interest
Compute operating income for April, May and June under variable costing
If a firm has fixed cost of $30,000, a price of $4.00, and a breakeven point of $15,000 units, the variable cost per unit is:
Two machines - Machine M and Machine P - are being considered in a replacement decision. Both machines have about the same purchase price and an estimated ten-year life.
What is the total direct material price variance for November when standard price is $1.80, actual price is $1.90 and actual quantity used is 142500?
payne co. sells shoes which are made in the usa. current data for the last month was as followsaverage selling price
Historically, warranty expenditures have been equal to 4% of sales. Total sales for the year were $650,000. Actual warranty repairs made during the year totaled $29,000.
examine the information contained in the companys balance sheet and income statement to answer the following
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