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Watson Packaging sold a machine for $15,000. The company bought this machine for $40,000 seven years ago and was depreciating it on a straight-line basis over ten years to a $4,000 salvage value. What is the gain (loss) that Watson Packaging should report? Answer: Book value = Historical cost - Accumulation depreciation = $40,000 - (7 years × $3,600 per year) = $14,800 When an asset is sold, the company recognizes a gain (loss) equal to the difference between selling price and its carrying value reported on the balance sheet. Gain (loss) on sale = Selling price of asset - Net book value Gain (loss) on sale = $15,000 ? $14,800 = $200 This gain is reported in income from continuing operations, and causes an increase in reported income.
What qualitative factors should Bronson Company consider in determining whether it should make or buy the ink cartridges?
you were recently admitted to college and your aunt tillie has agreed to fund the tuition for your education. the
you are doing your final research before you write your business plan. industry a has 20 firms and a concentration
eckert company is involved in producing and selling high-end golf equipment. the company has recently been involved in
One company acquires another company in a combination accounted for as an acquisition. The acquiring company decides to apply the initial value method in accounting for the combination. What is one reason the acquiring company might have made this..
The records of Derma Corporation show the following bank statement information for December.
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Wade's Market recorded the following events involving a recent purchase of merchandise:
Tonya is a cash basis taxpayer. In 2010, she paid state income taxes of $5,000. In early 2011, she filed her 2010 state income tax return and recieved a $500 refund.
What is the difference between the auditor's approach in verifying sales returns and allowances and sales? Why is there a difference?
Research and development costs for projects other than software development should be:
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