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problem 1: A company hires a company to use a dirt moving machine to level out the land prior to constructing a new building. Another company came in to dig the footings and pour the concrete basement later. The cost of leveling the land would be debited to an account called Land Improvements and depreciated over the life of the new building.
True or False
problem 2: A plant asset had an initial cost of $72,000 and an estimated life of 5 years. A residual value of $12,000 has been used to take two full years worth of depreciation. Now the company has new information that leads them to believe they will keep then machine for a TOTAL of 10 yrs from the date of initial purchase then sell it for approximately $2000. What entry or entries will they make to record/adjust the depreciation for the third full year of life?
problem 2: A plant asset with a cost of $43,000 and accumulated depreciation of $12,000 was given together with $15,000 in exchange for a similar asset with a list price of $50,000. They could probably have bought the new asset for $47,000 if paid cash with no trade in. The trade is considered to have commercial substance. Show the entry for the trade in complete with gain or loss, if any.
What are threats to inventory within the production cycle (both threats to physical inventory and the data related to inventory)?
Jeanette, an individual in the 24% marginal tax bracket, recognized a $20,000 long-term capital gain. What tax rates are applicable to these capital gains
What did you learn about accounting process? How does this online experience affect your motivation and engagement in an online class/learning
How do they relate to the practice of accounting and its uses in business?
for cevu company the predetermined overhead rate is 80 of direct labor cost. during the month 800000 of factory labor
Calculate and explain the adjustments required to recognise the effects of this plan when preparing a statement of cashflows. Assume that the plan had been.
In recording 400 fees earned on account during a single month, how many times will it be necessary to write Fees Earned (a) if each transaction, including fees earned, is recorded individually in a two-column general journal; (b) if each transacti..
Prepare the stockholders' equity section of the balance sheet. Blue Spruce Corporation has the following accounts at December 31
For the declining-balance method, the company uses the double-declining rate. Compute the amount of accumulated depreciation
Hector Gonzales Company incurs these expenditures in purchasing a truck: cash price $18,000; accident insurance (during use) $2,000; sales taxes $900; motor vehicle license $300; and painting and lettering $1,200. What is the cost of the truck?
Machinery purchased for $69,600 by Nash Co. in 2013 was originally estimated to have a life of 8 years with a salvage value of $4,640 at the end of that time.
A researcher wishes to compare two hotels on the following attributes: Convenience of location Friendly personnel Value for money a. Design a Likert scale to accomplish this task.
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