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ABC INC purchased new machinery in order to improve its production process. Classify each of the following expenditures incurred last year as a capital expenditure (CE) or an immediate expense (IE).
a. $4,200 purchase price.b. $2,520 sales tax paid on the purchase price.c. $4,000 transportation cost.d. $1,850 installation.e. $385 training of personnel for initial operation of the machinery.f. $6,855 for wages paid to employees that operated the machinery during production.g. $280 lubrication after the machinery is placed in service.h. $150 ordinary repairs to maintain the machinery in working order.Give the value of the new machinery, and list the financial statement in which it will be shown at fiscal year.
Prescribe specific auditing procedures to detect fraud concerning inventories and accounts receivable of companies engaged in interstate commerce.
In preparing the cash budget, assume that the $30,000 loan will be made in April and repaid in June. Interest on the loan will total $1,200. If the company needs a minimum cash balance of $20,000 to start each month, can the loan be repaid as plann..
Purpose a segmented income statement, in total and for the two products. Use the contribution approach
Calculate the firms total operating cycle for 2005 and 2006 and what type of working capital restructuring can the firm do to turn around its performance? What other types of asset restructuring might the firm consider?
should be recorded by the coy for its fiscal year ended Dec31, 2008, under each of the three methods? Note the machine will have been used for one-half of its first year of life.
account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,000 at the end of the period.
Purpose the suitable journal entries in the general fund. If suitable, write "No entry required."
The Taxpayer Compliance Measurement Program has been controversial. Illustrate what public service do you think it provides? Should it be discontinued or changed in any way? If yes, in what ways and why? If not, why not?
questionthe bishop company has a balance in the warranty obligation account of 400000. an analysis of the products sold
If its income tax expense was $80 million, what would be shown as an operating cash flow under the direct method?
There are four steps in the auditor’s process of understanding internal control and assessing control risk for a public company. The first step is to obtain and document an understanding of internal control: design and operation. What are the rema..
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 should be recorded for dep..
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