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A machine was purchased for $180,000 and it was estimated to have an $12,000 salvage value at the end of its useful life. Monthly depreciation expense of $1,400 was recorded using the straight-line method. The annual depreciation rate is
Explain how using the format account name/debit or credit/dollar amount and (2) explain how the Accounting Equation is impacted.
effect of errors in journalizing and posting on trial balance.the bookkeeper for shirley temples dance studio made the
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Bugga Corp expects to sell 3,000 units in October, and expects sales to increase 20% each month thereafter. Sales price is expected to stay constant at $8 per unit. What are budgeted revenues for the fourth quarter?
Two years from now Sipho has to pay Alet R15000. He decides to pay her back earlier. If a simple rate of 12.5% per year is applicable, then the amount that Sipho will have to pay Alet nine months from now equals what?
A firm’s net income may be greater than its net cash flows because the firm
Hollern Combines, Inc. has $10,000 of ending finished goods inventory as of December 31, 2010. If beginning finished goods inventory was $5,000 and cost of goods sold was $20,000, how much would Hollern report for cost of goods manufactured?
Show the effects of the advance payment and revenue recognition on the 2009 financial statements using a horizontal statements model.
Ben and Beth are equal partners in BB, LLC, formed on June 1 of the current year. Ben contributed land that he inherited from his father three years ago. Ben’s father purchased the land in 1950 for $6,000. The land was worth $50,000 when Ben’s father..
A company had net income of $450,000 in 2009 and $620,000 in 2010. The company had average total assets of $2,500,000 in 2009 and $3,000,000 in 2010. Calculate the return on total assets for 2009 and 2010. Comment on the results.
Prepare the amortization schedule for the bonds. Prepare the journal entries to record the semiannual interest on July 1, 2010, and December 31, 2010.
The following is the unadjusted trial balance for James Trading Pty Ltd as at the close of the financial year ended 30 June 2011. In addition the following entries had not been applied to the general ledger.
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