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The van was expected to have a useful life of 150,000 miles and a salvage value of $3,000. Actual mileage was as follows: Required
a. Compute the depreciation for each of the three years, assuming the use of units-of-production depreciation.
b. Assume that McNabb earns $21,000 of cash revenue during 2012. Record the purchase of the van and the recognition of the revenue and the depreciation expense for the fi rst year in a fi nancial statements model like the preceding one.
c. Assume that McNabb sold the van at the end of the third year for $4,000. Calculate the amount of gain or lose from the sale.
A company that makes shopping carts for supermarkets and other stores recently purchased some new equipment that reduces the labor content of the jobs needed to produce the shopping carts.
Identify and explain 5 characteristics that may increase the possibility that financial statement fraud will occur in a company. Use examples to explain the company characteristics.
Tom Hughes died in 2009 with a gross estate of $3.9 million and debt of $30,000. He made post-1976 taxable gifts of $100,000, valued at $80,000 when he died. His estate paid state death taxes of $110,200. What is his estate tax base?
Performance measurement: introduction to financial statement analysis; assessing firm level performance and an introduction to FSA.
Speedy Parcel Service operates a fleet of delivery trucks in a large metropolitan area. A careful study by the company's cost analyst has determined that if a truck is driven 120,000 miles during a year, the average operating cost is 11.6 cents pe..
Pasquale Products Co. has two departments: Mixing and Cooking. At the beginning of the month, Cooking had 4,000 units in process with costs of $8,600 from Mixing, and its own departmental costs of $500 for materials, $1,000 for labor, and $2,500 f..
In determining the adequacy of the allowance for uncollectible accounts, the least valuable evidence would be obtained from
Recording Transactions Affecting the Enterprise Fund and Business-Type Activities, Prepare general journal entries to record the December 31, 2013, accounts and balances for the Water Utility Fund, selecting the corresponding accounts from drop-down..
Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day, of the month. Each employee, wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages.
Distinguish between a defined benefit plan and a defined contribution plan. Why does a defined benefit plan present far more complex accounting issues than a defined contribution plan?
On the first day of the current fiscal year, $1,000,000 of 10-year, 7% bonds, with interest payable semiannualy were sold for $1,050,000. Present entries to record the following transactions for the current fiscal year:
During the current year JET Industries issued 5 million of its $1 par common shares to its underwriters for $25,000,000 less promotional and accounting services of $500,000 to effect the issue.
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