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A corporation acquired a truck on July 1, 2012, at a cost of $162,000. The truck has a six-year useful life and an estimated salvage value of $18,000. The straight-line method of depreciation was used. On January 1, 2015, the truck was overhauled at a cost of $15,000, which extended the useful life of the truck for an additional two years beyond that originally estimated (salvage value is still estimated at $18,000). In computing depreciation, the corporation uses the nearest full month assumption to calculate depreciation.
Calculate the depreciable base of the truck, before and after the overhaul on January 1, 2015.
Prepare the appropriate entries for January 1, 2015 and December 31, 2015.
A transport company is preparing its cost budgets for the coming year. It has been set both social objectives & cost targets by the government which it must achieve in order to rec
Direct Labour Rate Variance It is the difference among the actual direct labour rate and the standard direct labour rate for the total hours worked. Utilizing an equation,
When implementing ABC, once a company has identified business activities and their costs, the company will probably: A) determine a simplified single cost allocation rate B)
What are the five accounts used in adjusting entry for periodic inventory at the end of the year?
EOQ
Determine Profit in Long-Term To demonstrate the point about profit in the long-term, let us assume that a company sells and makes a single product. There are no opening stoc
Eckels Wares is a division of a major corporation. The following data are for the latest year of operations: Sales
Cost Flow Relationships The following information is available for the first month of operations of Url Inc., a manufacturer of art and craft items: Sales $886,900 Gross profit
Savage Distribution markets CDs of performing artist Little Sister. At the beginning of October, Savage had in beginning inventory 1,200 Little Sister's CDs with a unit cost of $5
Operating Income 1. Operating Income is derived from two sources, Rental Income from businesses operating in the warehouse complex and Interest Income of the project operating
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