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Assignment
1. A company purchased a truck on October 1 of the current year at a cost of $40,000. The truck is expected to last six years and has a salvage value of $2,200.
The company's annual accounting period ends on December 31.
a. What is the depreciation expense for the current year, assuming the straight-line method is used? b. What is the depreciation expense for the current year, assuming the double-decliningbalance method is used?
2. A machine was purchased for $37,000 and depreciated for five years on a straight-line basis under the assumption it would have a ten-year life and a $1,000 salvage value.
At the beginning of the machine's sixth year it was recognized the machine had three years of remaining life instead of five and that at the end of the remaining three years its salvage value would be $1,600. What amount of depreciation should be recorded in each of the machine's remaining three years?
Explain to management how you determined goodwill was impaired and the financial impact of such impaired goodwill. Prepare the necessary accounting entries to recognize goodwill impairment.
On January 1, 2012, when the carrying value of the bonds was $832,000, the company redeemed the bonds at 105. Record the redemption of the bonds assuming that interest for the period has already been paid.
images inc. sells propertty with a bisis of 20000 and a value of 50000 to its individule majority shareholder. what are
Assume the magnitude of the change is $13 million. Prepare the appropriate journal entry to record any 2011 gain or loss. If Patel prepares its financial statements according to U.S. GAAP, how will the company report the gain or loss?
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Clint collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife's employer.
what role would you play in the allocation of resources?
prepare the necessary adjusting journal entries for items a through h. assume that adjusting entries are made only at
You have been offered an investment that will pay you 9% per year. If you invest $15,000, how long until you have $45,000? Which do you prefer $5,500 cash now, or $1200 each year for 5 years? Assume a discount rate of 10%.
wwweb marketing is a decentralized firm specializing in designing and operating internet marketing web sites. the firm
oceanside realty co. pays weekly salaries of 3700.00 on friday for a five -day week ending on that day. what is the
What is XBRL? How will it effect financial reporting? Please Explain. What are the main types of accounting software used in a restaurant setting or organization? What are the benefits and limitations of this software? Please Explain.
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