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Problem - Penny Corp. purchased a new car on March 1, 2019 for $25,000. The estimated useful life of the car was five years or 500,000 kms. Estimated salvage value was $5,000. The car was driven 120,000 kms. in 2019 and 150,000 kms. in 2020.
Required - Calculate the depreciation for 2019 and 2020 using
1. The straight-line method
2. Usage method (kms.)
3. Double-declining balance method.
Assume where applicable that the company uses the ½ year rule to calculate depreciation expense in the year of acquisition and disposal.
tax preparation scenario summary you have a small tax accounting preparation and bookkeeping practice. a new client
For both companies calculate the current ratio, acid test, working capital, accounts receivable turnover, inventory turnover, and profit margin
Discuss how whistleblowing could affect a company .Whistleblowing is when a person exposes any kind of information or activity that is deemed illegal, unethical
What are the three main categories of inventory does Snap-on report in its annual report? Explain why you found these to be particularly interesting.
cvp and the airline industry weve all experienced or heard about the challenges that the airlines have been facing.
Overhead is charged to jobs at the rate of 14.0% of direct labor cost. How much overhead was added to all jobs during February
Ninja Company uses the weighted-average method, Direct materials are added at the beginning of the process. How many units were started during April?
at december 31 2014 the trading securities for oglesbee inc. are as follows. security cost fair value a 17600 16400 b
An integrated audit combines the audit of the financial statements and the internal controls of financial reporting. Please address the following topics:
The EPA has not yet proposed a penalty assessment. Shu's fiscal year ends on December 31, 2013. The company's financial statements are issued in April 2014.
During the 2015-16 financial year Maroon Ltd recorded a profit of $120 000. Prepare the consolidated worksheet entries at 30 June 2016 for Swamp Ltd
Brandie is a part-time nonexempt employee in Chicago, Illinois who earns $33.00 per hour. What is Brandie net pay
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