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The following transactions occurred during 2014. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight-line basis, with no estimated salvage value. Depreciation is charged for a full year on all fixed assets acquired during the year, and no depreciation is charged on fixed assets disposed of during the year.May 18
A special base installed for a machine in 2008 when the machine was purchased has to be replaced at a cost of $18,205 because of defective workmanship on the original base. The cost of the machinery was $47,002 in 2008. The cost of the base was $11,585, and this amount was charged to the Machinery account in 2008.
What would the journal entries be on May 18? I know it should be debit on Machinery for 18205, but what else?
The selected accounts appear in the adjusted trial balance columns of the worksheet for Batan Company - Indicate the financial statement column
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Partners A and B have a profit and loss agreement with the following provisions: salaries of $41,600 and $38,400 for A and B, respectively; a bonus to A of 10% of net income after salaries and bonus; and interest of 10% on average capital balances..
Casey owned stock in Jupiter Corporation that he donated to a university (a qualified charitable organization) on December 30, 2009. What is the amount of Casey's deduction assuming that he had purchased the stock for $10,000 on January 3, 2009, a..
Describe your assessment of the variety of situations where American corporations have attended to the concerns of critics and instituted programs
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At December 31, 2010, the property, plant and equipment was appraised at 5,325,000 euros. The property, plant and equipment will be reported on the December 31, 2010 balance sheet at what amount?
If a partner has a basis of $20,000 and receives a property distribution with a fair market value of $100,000 and a net book value of $30,000, why doesn't the partner have a taxable gain?
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