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Calculate depreciation and CCA
Required:
Question 1: Calculate the depreciation expense/CCA (to the nearest dollar) by each of the following methods:
a) Straight-line for 2017
b) Double declining-balance for 2018
c) Maximum Capital cost allowance for 2018
What is the product unit cost for Job 14, which consists of 300 units and has total manufacturing costs of direct materials, $4,500; direct labor, $7,500; and overhead, $3,600? What are the prime costs and conversion costs per unit?
Account with a quoted annual interest rate of 9% with monthly compounding of interest. What is the present value of the payments you will receive?
Ms. Takase is the sole shareholder of Takase Ltd. She owns 2,500 shares with a PUC and adjusted cost base of $400,000, and a fair market value of $1,000,000. Ms. Takase will report a capital gain of $600,000 as a result of her deemed disposition. Th..
Princess Ariel Company manufactures and sells two types of beach towels, standard and deluxe. sales= standard 450,000 and deluxe 50,000. Variable Expenses= standard 360,000 and deluxe 20,000 The company budgets the following sales and variable costs...
Mounts Corporation produces and sells two products. In the most recent month, Product I05L had sales of $37,000 and variable expenses of $11,380. Product P42T had sales of $50,000 and variable expenses of $17,330. The fixed expenses of the entire com..
Mitchum Corporation sold merchandise on account with a list price of $36,000 and a cost of $20,000. Payment terms were 1/10, n/30. Mitchum shipped the goods FOB destination and paid $1,200 in freight costs. What is Mitchum Corporation’s net sales amo..
Show entry that would be made at the inception of lease in the governmental activities journal. Show entry that would be made in the debt service fund and governmental activities journal to record the second lease payment.
Compute the profit margin, asset turnover, and return on assets for 2013 and 2014. Comment on the apparent cause of the increase or decrease in profitability.
The other 28 units remain in inventory at January 31. If Orange Kola uses the FIFO flow assumption, what is the cost of goods sold to be recorded at January 14
Hinshaw Company purchased a new machine on October 1, 2014, at a cost of $85,120. The company estimated that the machine has a salvage value of $7,490. The machine is expected to be used for 62,110 working hours during its 8-year life. Compute deprec..
Chen Li worked on the audit of American Healthcare Associations (AHA), which operates hospitals and outpatient centers in Texas and Oklahoma. Chen was assigned responsibility to audit the allowance for patient receivables. While media reports and oth..
The corporate treasurer of Rollinsford Company expects the company to grow at 3% in the future, and debt securities at 4% interest (tax rate = 35%) to be a cheaper option to finance the growth. The current market price per share of its common stock i..
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