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1. Equipment was purchased on January 2, 2010, for $24,000, but no portion of the cost has been charged to depreciation. The corporation wishes to use the straight-line method for these assets, which have been estimated to have a life of 10 years and no salvage value. What effect does this error have on net income in 2010? What entry is necessary to correct for this error, assuming that the books are not closed for 2010?
on april 1 2009 a company paid the 1350 premium on a three-year insurance policy with benefits beginning on that date.
Compute the following items for Rattlesnake Corporation. Show supporting computations. Round all calculations to the nearest whole dollar.
A customer charges a treadmill at Mike's Sport Shop. The price is $2,000 and the financing charge is 9% per annum if the bill is not paid in 30 days. The customer fails to pay the bill within 30 days and a finance charge is added to the customer's..
The carrying amount of the asset surrendered by Scott exceeded both the fair value of the asset received and Dale's carrying amount of that asset. If the transaction lacks commercial substance, Scott should recognize the difference between the car..
Would you expect a publishing company to use a strict cost-plus pricing system for all its books? How might you find some indication about whether a publishing company actually was using cost-plus pricing for all its books?
Indri runs a soil-testing business. He decides to form a company to take over the business. He is the sole shareholder and sole director. Indri sells his business to the company at an inflated price and lends the company $90,000 to help meet the c..
On average, employees' remaining service life with the company is 10 years. What was the pension expense for the year?
What is the effective rate of 16% compounded daily, monthly, quarterly, semi-annually, annually?
Based on your answer to part (a), speculate on whether the campaign manager's claim might be mistaken.
Assume Mander decided to adopt the conventional retail method. Compute the ending inventory to be reported in the balance sheet.
The life insurance policy was taken out by Lance several years ago and designates Wanda as the beneficiaryprovides for her own retirement with a traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of ..
What is the income reported by Regal during 2012 pertaining to the Air investment?
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