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Blue Service Center just purchased an automobile hoist for $35,000. The hoist has an 8-year life and an estimated salvage value of $3,000. Installation costs and freight charges were $3,300 and $700, respectively. Blue uses straight-line depreciation. The new hoist will be used to replace mufflers and tires on automobiles. Blue estimates that the new hoist will enable his mechanics to replace 5 extra mufflers per week. Each muffler sells for $72 installed. The cost of a muffler is $36, and the labor cost to install a muffler is $12. Compute the cash payback period for the new hoist.
The direct method statement of cash flows for the lessor should reflect which of the following in the first year of the lease contract (ignore noncash disclosures)?
High Ridge Merchandising Co. sold inventory that had a cost of $10,000. Assuming High Ridge uses the perpetual inventory method, the effect of the journal entry to record Cost of Goods Sold would:
Edgemont paid a cash dividend of $25,000 in 2009. No additional stock was issued. Compute the retained earnings on December 31, 2008, and 2009.
diego company manufactures one product that is sold for 81 per unit in two geographic regions-the east and west
bronzeville products wants an airplane for use by its corporate staff. the airplane that the company wishes to acquire
why might the distinction between revenues and gains and between expenses and losses be important to report yet
inventory costs are rising which method fifo lifo or weighted average cost results in the highest net income? which
bruno company has decided to expand its operations. the bookkeeper recently completed the balance sheet presented below
During the previous year, Carrie paid $500 of estimated state income tax payments, which she also deducted for federal income tax purposes. Early in the current year.
beck company expects to produce 10000 units for the year ending december 31. a flexible budget for 10000 units of
What is the difference between notes payable and notes receivable?
Assume that at January 1,2012 the carrying amount of the patent on Celine Dion's books s $43,200. In January, Celine Dion spends $24,000 successfully defending a patent suit. Celine Dion still feels the patent will be useful until the end of 2019...
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