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Grande Machinery Company purchased, for cash, a $60,000 custom machine on January 1, 2011. The machine has an estimated 5-year life and w ill be straight-line depreciated with no salvage value. The machine was then leased to Sunshine Engineering Company, an 80%-owned subsidiary, under a 5-year operating lease for $15,000 per year, payable each January.
Record the 2011 entries for the purchase of the machine and the lease on the books of Grande machinery and for Sunshine Engineering.
You are told that a company has a 20% profit margin and the discovered fraud has caused $1,400,000 more needed revenue to cover the fraud. How much was stolen? A. $280,000. B. $560,000. C. $1,400,000. D. $7,000,000. E. Some other amount.
Assume Mr. Cobb died after Mrs. Cobb and the land was worth $240,000 at this death. What amout was included in his gross estate?
What are the two primary ways for a company to finance its business? Which would you choose if you were forming a corporation and trying to raise funds and why?
Prepare journal entries to record the following transactions entered into by Harper Company:
Suppose a stock had an initial price of $83 per share, paid a dividend of $1.40 per share during the year, and had an ending share price of $96.
Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2011-2014. Deferral, for book purposes, of $25,000 of rent received in advance. The rent will be earned in 2011.
Identify at least two different accounting careers that you would like to pursue. What excites you about these careers?
Prepare a pension worksheet for the pension plan in 2008. Prepare any journal entry(ies) related to the pension plan that would be needed at December 31,2008. Prepare a pension worksheet for 2009 and any journal entry(ies) related to the pension plan..
Which audit procedure is most effective in testing credit sales for overstatement?
The company plans on producing 40,000 units and actually did, Sales totaled 37,000 at $42 each. Costs: The companies variable-costing net income would be:
Determine what is the full disclosure principle in accounting and explain why has disclosure increased substantially in the last ten Years?
Purchased $100,000 of U.S. Treasury 6% bonds, paying 102 plus accrued interest of $1000. The security is to be held short-term profits.
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