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Ng's Shrimp Company owns a fishing vessel that originally cost $250,000, with a 20-year life, and no anticipated salvage value. Ng uses the straight-line depreciation method. Review the following three independent cases, and prepare the journal entry to reflect the disposition of the boat in each case. Case 1 After 8 years of ownership, the boat was taken by a storm. Case 2 After 12 years of ownership, the boat was sold for $175,000. Case 3 After 15 years of ownership, the boat was sold for $60,000.
You are working with a company selling building material to builders. You predict the quarterly purchases of customers based on their current purchases by using a linear regression model.
Comment on the appropriateness of this viewpoint. Prepare a report outlining the need for regulation in accounting and why a free market for accounting information is not ideal.
Compute the specified ratios using Bryce Company's balance sheet at December 31, 2008.
Management estimates that it costs $500 to analyze and close a commerical loan. This amount has been included in the $250,000 of inderict costs. How much of the $250,000 indirect costs should be allocated to the Consumer Department?
john galt shipping wishes to ship a product that is made at two different factories to three different warehouses. they
mike crane is an audit senior of a large public accounting firm who has just been assigned to the frost corporations
List the steps involved in selecting and evaluating a nonstatistical or a statistical sample for tests of controls. Identify the professional judgments that must be made associated with each step.
blue ridge marketing inc. manufactures two products a and b. presently the company uses a single plantwide factory
The accounting principle that requires important noncash financing and investing activities be reported on the statement of cash flows or in a footnote is the:
Acropolis Company, a computer consulting firm, has decided to write off the $12,950 balance of an account owed by a customer, Aaron Guzman. Journalize the entry to record the write-off.
ltpgtandretti company has a single product called a dak. the company normally produces and sells 60000 daks each year
you are a management analyst for xyz aircraft manufacturing company. your company currently manufactures and sells four
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