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Computer equipment (office equipment) purchased 6 1/2 years ago for $170,000, with an estimated life of 8 years and a residual value of $10,000, is now sold for $60,000 cash. (Appropriate entries for depreciation had been made for the first six years of use.) Journalize the following entries:
(a) Record the depreciation for the one-half year prior to the sale, using the straight-line method.
(b) Record the sale of the equipment.
(c) Assuming that the equipment had been sold for $25,000 cash, prepare the entry for (b) above to record the sale.
Nelson Company purchased equipment on July 1 for $27,500 and decided to depreciate the equipment on the straight-line method over its useful life of five years. Assuming the equipment's salvage value is $3,500, the amount of monthly depreciation e..
The issuance price of a bond does not depend on the-Which of the following is true of a premium on bonds payable?
Assume that the company computes variances at the earliest point in time. Taylor's direct-material price variance was:
Prepare company's income statement, using single-step method, for the year ended December 31,2009, and provide with EPS (income per share).
When the cost behavior pattern has been identified as fixed at a certain volume of activity.
BC Company uses a job order cost accounting system. During the month of April, the following events occurred:
If investor company owns 20% of the stock of investee company and investee company reports profits of $100000, then Investor company reports equity income of ?
Managers of Wheldon Manufacturing are analyzing variable overhead variances for the fiscal period just ended. The flexible budget called for $80,000 in variable overhead but actual variable overhead was $95,000.
Auto Tires has been in the tire business for four years. It rents a building but owns all of its equipment. All employees are paid a fixed salary except for the busy season (April - June), when temporary help is hired by the hour. Utilities and ot..
The working capital would be released for use elsewhere when the project is completed. If the company's discount rate is 10%, the investment's net present value is:
Bernice dies, and under a will, passes real estate to her surviving husband. The real estate is subject to a mortgage. For estate tax purposes, how will any marital deduction be determined? Can Bernice's estate deduct the mortgage under 2053? Expl..
Determine the earnings per share of common stock under the two alternative financing plans, assuming income before bond interest and income tax is $1,000,000. Round answers to 2 decimal places if required.
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