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Abco Company purchased on account farm equipment from Norway Corp. with an invoice price of $96,000. Other costs incurred were freight costs, $1,320; installation wiring and foundation, $2,640; material and labor costs in testing equipment, $8400; oil lubricants and supplies to be used with equipment, $600; fire insurance policy covering equipment, $1,680. The equipment is estimated to have a $6,000 salvage value at the end of its 8 year useful service life.
Instruction:
Compute the acquisition cost of the equipment and prepare the journal entry to record the purchase.
Many firms recognize revenus at the point of shipment. This provides an incentive to accelerate revenues by shipping goods at the end of the quarter.
The production budget shows planned sales of 32,000. Beginning inventory is 5,600. Units to be produced are 33,600. What is the desired ending inventory?
Write a short Memo to a nonfinancial audience explaining how increasing scrutiny and demand for accountability by the public has influenced reporting for not-for-profit and governmental entities.
One company acquires another company in a combination accounted for as an acquisition. The acquiring company decides to apply the initial value method in accounting for the combination. What is one reason the acquiring company might have made this..
If I can reduce my costs by $40,000 during this last quarter, my division will show a profit that is 10% above the planned level, and I will receive a bonus of $10,000.
What are the advantages of loan agreements that contain covenants tied to accounting numbers? Are there any disadvantages? Please explain.
What is the Year 3 cash flow if Brisbane keeps using its current system? What is the Year 3 cash flow if Brisbane replaces its current system? supposing the discount rate of 8%, what is the net present value when Brisbane keeps using its current syst..
Your report should be in the form of a two page memo that discusses the regulations and how they will apply to your hiring process. You may select any Locality or State you wish ensuring compliance with Equal Employment Opportunity laws.
On January 1, 2006, Solomon Company purchased the following two machines for use in its production process. The journal entry to record its purchase on January 1, 2006.
In 2011, Father sold land to Son for $150,000 cash and an installment note for $450,000 due in 2015. Father's basis was $240,000. In 2012, after paying $27,000 interest but nothing on the principal, Son sold the land for $600,000 cash. As a result..
On November 1, Carter Company signed a 120-day, 10% note payable, with a face value of $9,000. What is the adjusting entry for the accrued interest at December 31 on the note?
If sales for April, May, and June were $60,000, $80,000, and $70,000, recpectively, what were the firm's budgeted collections for June?
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