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On July 1, 2012, Steelman Company acquired a new machine for $172,000 and estimated it would have a useful life of 10 years and residual value of $9,500. At the beginning of 2015, the company decided that the machine would be used for nine more years (including all of 2015), and at the end of this time its residual value would be only $1,100. On November 1, 2016, the machine was sold for $82,000. The company uses the straight-line method of depreciation and closes its books on December 31.
Give the necessary journal entries for the acquisition, depreciation, and disposal of this asset for the years 2012, 2015, and 2016.
question during 2011 becky loans her brother ken 5000 which he intends to use to create a small business. ken has no
develop a corporation chart of accounts taking into consideration the followingmiddotcapital structure debt and or
Making financial decisions based on financial information. You will need to use an example either from your present employer, or you can use the published financial statements of companies such as British Airways, which are published on the intern..
Last month a friend borrowed from his 401k to pay off his car loan. Interests on his car loan were at 8 percent with about $250 in monthly payments. The idea he said is that, instead of paying the 8 percent interest to the bank, why not take out from..
Using the straight-line method, calculate the amortization of the patent, copyright, and trademark.
Gibbs, Cook, and Chan are partners and share income and loss in a 5:1:4 ratios. The partnership's capital balances are as follows: Gibbs, $606,000; Cook, $148,000; and Chan, $446,000. Gibbs decides to withdraw from the partnership, and the partners a..
Discuss budgetary areas that raise concern in the budget planning and evaluate the flexible budget and its variances.
Indicate with explanations, sections of the Acts and relevant case law how the Revenue and Expense items (together with the Notes) in the company's accounts are treated for tax purposes.
On January 1, x1, Brown Corp initiated a non contributory defined benefit pension plan for all six employees in its word processing department. Calculate Prior Service Cost at the inception of the plan. Calculate Service Cost for each year of service..
When testing the occurrence objective for sales, the auditor is concerned with the possibility of three types of misstatements. One type is sales being included in the journal for which no shipment was made. Discuss other two types of misstatement..
fairfax company uses weighted-average process costing to account for its production costs. direct labor is added
George Commenced business by opening a bank account for the business and depositing $6000 fo his own money. He also contributed a computer valued at $3000. George bought his wife a gift for their wedding anniversary cost $335 and paid for it using th..
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