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The management of Petro Garcia Inc. was discussing whether certain equipment should be written off as a charge to current operations because of obsolescence. This equipment has a cost of $ 2,044,800 with depreciation to date of $ 908,800 as of December 31, 2014. On December 31, 2014, management projected its future net cash flows from this equipment to be $ 681,600 and its fair value to be $ 522,560 .The Company intends to use this equipment in the future.
a) Prepare the journal entry (if any) to record the impairment at December 31, 2014
b) At December 31, 2015, the equipment’s fair value increased to $590,720. Prepare the journal entry (if any) to record this increase in fair value.
questionvitalite inc. produces a number of various products including a body-wrap kit. standard variable costs relating
Each unit requires 0.6 direct labor-hours and at a cost of $15.00 per direct labor hour. The workforce can be adjusted each quarter for the expected production level.
Analyze the foregoing transactions using the following column headings. Insert the number of each transaction in the Item space, and insert the amounts in the appropriate columns.
Assuming Dodger's tax rate is 30 percent in all periods, and that the company uses the carryback provisions, what amount should appear in Dodger's statements for financial reporting purposes as a net loss in 2011?
Which of the following transactions violates the balance sheet equation?
State in which part of an entity’s CAFR (MD&A, fund financial statements, notes to the financial statements, required supplementary information, and so forth) you are most likely to find the following information: Description of the government’s acco..
Examine the factors involved in translating the statements of a foreign entity operating in a highly inflationary economy and determine which single factor carries the most weight. Explain your rationale.
Under what condition is forgiveness of indebtedness not included in taxable income? If the forgiveness of indebtedness is not taxable, explain how is it treated from a tax point of view?
During March, Capsule Corp. reported a beginning inventory of a popular capsule of 1,200 units, all at $30/unit. The company uses a perpetual inventory system and the LIFO inventory costing method. These transactions occurred during the month: Find t..
Which of the following is not a facility-level activity?
Sung Corporation, a clothing retailer, engaged in the transactions listed in the first column of the table below. Opposite each transaction is a ratio and space to mark the effect of each transaction on the ratio.
At year-end, your company has cash of $11,600, receivables of $48,900, inventory of $37,900, and prepaid expenses totaling $5,100. Liabilities of $55,900 must be paid next year. What is your acid-test ratio?
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