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Presented below are selected transactions at thomas company for 2006. Jan1st - Retired a piece of machinery that was purchased on Jan 1st 1996. The machine cost 62,000 on that date. It had a useful life of 10 years with no salvage value. June30th - Sold a computer that was purchased on Jan 1st 2003. The computer cost 35,000. It had a useful life of 5 years with no salvage value. The computer sold for 12,000. DEC31st - Discarded a delivery truck that was purchased on Jan1st 2002. The truck cost 33,000. It was depreciated based on a 6 year useful life with a 3,000 salvage value.
INSTRUCTIONS: Journalize all entries required on the abouve dates, including entries to update depreciation, where applicable, on assets disposed of. Thomas Company uses straight-line depreciation. (Assume depreciation is uo to date as of Dec 31 2005.
Create a fixed budget income statement for the planned level of sales and production and create a fixed budget income statement for actual level of sales and production.
first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did the cost of purchases move during the period?
He took the unit cost for an equivalent whole unit you completed in (3) above and multiplied this figure by 1,000. Will this method yield a valid estimate of incremental cost? Explain.
Basic flexible budgeting Sydney, Inc., has the subsequent budgeted production costs:
From financial reporting and ethical perspectives, discuss the issues raised by this situation.
The employee and his/her level of determination and subsequent job satisfaction are what fuel product quality and efficiency.
List out the items that must be certified by corporate management in accordance with the provisions of the Sarbanes-Oxley Act. Discuss how these responsibilities have likely changed the period-to-period activities of the certifying managers.
Evaluate the relevant costs of the old machine and the new machine.
Fixed manufacturing overhead was $1 per unit in beginning inventory under absorption costing. Ending inventory was zero. Explain how many units did the company produce during the year?
Assume that no correcting entries were made at December 31, 2010, or December 31, 2011 and that no additional errors occurred in 2012. Ignoring income taxes, by explain how much will working capital at December 31, 2012 be overstated or understate..
what additional intermediate components of income would be presented if the company uses a periodic inventory system?
Latte has a unit contribution margin of $45 and takes three machine hours to make and cappuccino has a unit contribution margin of $32 and takes two machine hours to make. There are 1,200 machine hours available to manufacture a product. Illustra..
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