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On January 2, 2010, Lem Corp. bought machinery under a contract that required a down payment of $10,000, plus twenty-four monthly payments of $5,000 each, for total cash payments of $130,000. The cash equivalent price of the machinery was $110,000.
The machinery has an estimated useful life of ten years and estimated salvage value of $5,000. Lem uses straight-line depreciation.
In its 2010 income statement, what amount should Lem report as depreciation for this machinery?
tiger computers inc. of singapore is taking the purchase of an automated etching machine for use in the production of
In an irrigation district in the west, an irrigator can purchase an extra share (allotment) which entitles the holder to a 0.7 acre-foot of water per year in perpetuity. If the share costs $1600, what is the cost of one acre-foot of water to the ..
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Corporation uses the indirect method to depict cash flows. Indicate where, if at all, interest paid on note would be classified on the statement of cash flows - what were the cash collections from customers during the period?
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A company that lost part of its accounting system in a fire is having trouble determining its net income for the current year. The following correct adjusted balances and additional information for the current year are available:
Indicate how the note and the accrued interest would appear in the balance sheet at December 31, 2008. Prepare the entry to record the repayment of the note on March 31, 2009.
A company is considering the purchase of a new machine for $28,000. Management predicts that the machine can produce sales of $12,000 each year for the next 10 years. Expenses are expected to include direct materials, direct labor, and factory overhe..
An administrator of a popular website is told that a new faster server, which will replace the old server, can handle 45,000 hits (users accessing the site) per second.
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