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Assignment
Garrison Company purchased a machine on January 2, 2011. The machine cost $80,000 and had an estimated residual value of $20,000. The estimated useful life of the machine was 10 years. On January 1, 2014, due to technological innovations, the estimated useful life was reduced by 2 years from the original life and the salvage value was changed to $6,000. The company uses straight-line depreciation. You may ignore taxes.
Prepare the journal entry to record the annual depreciation for the year ended December 31, 2014 and any prior period adjustments which may be necessary.
What is the relationship between economies of scale and a natural monopoly? Why is the level of output at which marginal revenue equals marginal cost the profit-maximizing output?
Lee offered for sale $10,000 a machine that has been purchased for $17,500. If Whitney paid Lee $6,000 for the machine, the amount that Whitney would record in the accounting records for the machine is what?
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders’ equity. The articles of incorporation authorized the issue of 8 million common shares, $1 par per share, and 1 milli..
According to GAAP, how should the investment in U.S. Treasury notes be classified for purposes of preparing a statement of cash flows for the year ended December 31, 2014? Explain your answer.
Prepare a statement of retained earnings at December 31, 2013. Prepare the stockholders' equity section at December 31, 2013.
Fillip Corporation makes 4,800 units of part U13 each year. This part is used in one of the company's products. The company's Accounting Department reports the following costs of producing the part at this level of activity:
Identify the financial statements on which each of the following titles or accounts would appear. If a title or an account appears on more than one statement, list all statements that would include it.
Research three reported data breeches the have occurred in the U.S since January 1, 2014. Write a five page paper on the researched data breeches. The paper should include the Corporation where the breech occurred, the date of the breech, the number ..
Mason Company purchased a new machine on January 1, 1991 for $33,000. At the time of acquisition, the machine was estimated to have a service life of ten years and a salvage value of $6,000. Calculate the amount of the loss recorded on the sale.
Harold Corporation, a manufacturer of electronics and communications systems, uses a service department charge system to charge profit centers with Computing and Communications Services (CCS) service department costs.
Prepare Journal entries to record the following four separate issuances of stock. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash.
Calculate the total amount of dividends declared by March for 20X7 and calculate March's profit for 20X8.
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