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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.
Assuming that the equipment had been sold for $30,000 cash, prepare the entry for (b) above to record the sale.
Experience has shown that payment for the credit sales is received as follows: 15% in the month of sale, 60% in the first month after sale, 20% in the second month after sale, and 5% is uncollectible. How much cash can Lara Company expect to coll..
Determine whether each of the subsequent stock redemption transactions will qualify for sale and exchange treatment and getaway redeems 16 of Bonnie's shares for $5,000. Getaway has $26,000 of E&P at year-end and Bonnie is unrelated to Clyde.
show them as current expenses in total. In this way, the new product would appear to be only slightly profitable. Describe alternatives that you as an accountant would have in this situation. Indicate which alternative is best
The statement of cash flows and must be prepared on a daily basis and summarizes the operating, financing, and investing activities of an entity
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The beginning and ending balances in the Property, Plant, and Equipment account are $7,000 and $7,400 respectively. How much equipment did Portland Company purchase during the year?
What is the maximum amount of interest expenditures that the government would be permitted to report on the bonds for 20X7?
The building had a fair market value of $78,353 on the date of the sale. Prepare any journal entries (if necessary) that would be required related to the Note Receivable at the end of 2009, 2010, 2011, and 2012.
Illustrate what is the probable type of behavior that each of the costs exhibits? The company expects to produce 10,000 caps this month. Would you expect each type of cost to increase or decrease? Why? Can the total cost of 10,000 caps be determi..
Using a tax rate of 34 %, evaluate the minimum price the owner of the division should consider for its sale and Find the maximum price the acquirer should be willing to pay?
Compute the listed ratios for 2009 and 2008 showing supporting calculations and assess the financial performance of Westward, given the analysis tools used in questions 1 and 2 above.
Calculation of ending inventory for interim financial statements - Ernst Equipment Co. wants to make interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Ernst's gross profit rate ave..
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