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ABC Company purchases a new machine. The machine costs are $100,000. The company also must pay freight of $500 to get the machine delivered and $1,000 to get the machine installed. The equipment company has agreed to a 5% reduction in price if ABC accepts the machine by the end of June - which ABC has agreed to. ABC has decided to depreciate the machine by the straight line method. It determines there is salvage value of $2500. The machine will be depreciated over 10 years.
Record the journal entry for the purchase of the equipment for this year, and the journal entry that ABC will record next June for the first year of depreciation on the equipment.
Metro Bus Company had $400,000 of revenue and $401,000 of expense (including depreciation) for the current year resulting in a $1,000 net loss. All revenues were received in cash. What is the difference between cash flow and net income? Evaluate mana..
The beginning and ending finished goods inventories of a company were $91,000 and $94,000 respectively. If cost of goods sold equaled $800,000, what is the amount of cost of goods manufactured for this period?
Prepare annual adjusting entries and post to the ledger accounts and Prepare closing entries and post
The executor of Danny Mack's estate has listed the following properties at fair value: Cash $200,000, Life Insurance Receivable $500,000, Investment in Stocks and Bonds $50,000, Rental Property $100,000, and Personal Property $80,000. Additionally, t..
You are a manufacturer who produces products in batches. You currently assign overhead to products based on machine hours (mh). One of the costs included is setup cost. Machines must be setup for each batch. For the past year, total setup costs were ..
BAO3309 Advanced Financial Accounting International Campus S2 2016 Research Assignment - How did Slater and Gordon meet the capital market's expectation of the firm's growth as reported in ‘the Undoing of Slater and Gorden'?
1 if you assume that the risk world in which your company operates is ergodic when in fact it is non-ergodic what
mitchell electronics produces a home video game that has become very popular with children. mitchells managers have
Provide the journal entry to adjust the trading security portfolio to fair value on December 31, 2016.- What would be the journal entry to adjust the portfolio to fair value?
?Held-to-maturity investments applies only to debt securities because? ________. The Frozen Lake Company issues? $530,000 of? 9%, 10-year bonds at 105 on March? 31, 2017. The bond pays interest on March 31 and September 30. Assume that the company us..
Assume earnings subject to state and federal unemployment compensation taxes are $5,250 at the federal rate of 0.8% and state rate of 5.4%. What are the journal entry to record the payroll tax expense for the period.
Required: Prepare income statements for both years using both absorption and variable costing methods.
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