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Blake Roofing Company purchased machinery on Oct 1, 2008 for $106,000. The equipment has an estimated useful life of 8 years and an estimated residual value o $10,000. The equipment is expected to be used for 60,000 hours. During 2008, the equipment was used for 5,000 hours and during 2009, the equipment was used for 15,000 hours. Calculate depreciation expense for 2008 and 2009 under each of the following methods.
a companys income statement showed the following net income 130300 depreciation expense 31500 and gain on sale of plant
flip company purchased equipment on july 1 2011 for 90000. it is estimated that the equipment will have a 5000 salvage
Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. The company uses the periodic method.
Saturn, Inc., which uses a predetermined overhead rate based on direct labor hours, estimated total overhead for the year to be $7,500,000 and total direct labor hours to be 125,000 hours.
in january 2012 the management of stefan company concludes that it has sufficientnbspnbspcash to permit some short-term
abc co recently spent 1200000 to acquire a piece of equipment. the accounting staff is unsure how to properly classify
Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.
What is the difference between provisions that have a cash effect and those that do not have a cash effect? How would you define provisions that do not have a cash effect?
luke ricci cpa is the owner of a firm that provides tax services. the firm charges 50 per return for the direct
Moped, Inc. purchased machinery at a cost of $22,000 on January 1, 2011. The expected useful life is 5 years and the asset is expected to have salvage value of $2,000. Moped depreciates its assets via the double-declining balance method.
The deferred tax liability classified as noncurrent that resulted from the use of MACRS for tax purposes and straight-line depreciation for financial reporting purposes, increased from $40,000 at the beginning of the year to $44,000 at the end of ..
manufacturers southern leased high-tech electronic equipment from edison leasing on january 1 2013. edison purchased
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