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Ice Cream Company bought a new ice cream maker at the beginning of the year at a cost of $9,000. The estimated useful life was four years, and the residual value was $1,000. Assume that the estimated productive life of the machine was 16,000 hours. Actual annual usage was 5,500 hours in year 1; 3,800 hours in year 2; 3,200 hours in year 3; and 3,500 hours in year 4.
Calculate the depreciation expense using double-declining-balance method for the next 4 years?
Prepare forecasts of its income statement, balance sheet, and statement of cash flows for 20x7 - All financial ratios remain at 20x6 levels.
John organized Toucan Corporation 10 years ago. He contributed property worth $1,000,000 (basis of $200,000) for 2,000 shares of stock in Toucan (representing 100% ownership). John later gave each of his children, Julie and Rachel, 500 shares of the ..
Prepare the Required AJE for December and prepare the Journal entries required to create and close the warranty period.
Dog Daze Manufacturing produces a variety of dog food products, which is sold to kennels in 100 lb sacks. For nutritional purposes, each bag must have at least 34 lbs of protein, 28 lbs of fiber, and no more than 20 lbs of fat. Dog Daze produces th..
Kiwidale Dairy is considering purchasing a new ice-cream maker. Two models, Smoothie and Creamy, are available and their information is given below. What is Kiwidale’s MARR that makes the two alternatives equivalent? Use a present worth comparison.
Jessica is a one-third owner in Bikes-R-Us, an S corporation that experienced a $45,000 loss this year (year 1). If her stock basis is $10,000 at the beginning of the year, how much of this loss clears the hurdle for deductibility (assume at-risk lim..
The concept of working capital is a basis for determining liquidity and which one may mostly decrease earnings quality when the users examine the earnings figures as the indicator of future cash flows?
using the proceeds from the borrowing to buy back common stock at its book value. How much must the firm borrow to achieve the target debt ratio?
Prepare an unadjusted trial balance as of August 31, 2016.- Determine the increase or decrease in retained earnings for August.
Consult Paragraphs 65-66 of PCAOB Standard No. 12 Based on your understanding of fraud risk assessment, what three conditions are likely to be present when a fraud occurs ( the fraud triangle)? Based on the information provided in the case, which of ..
Nonmanufacturing fixed costs for March equal $32,000. The only variable nonmanufacturing costs are sales commission, equal to 1% of sales revenue.
on 1st april 2012 seminole company sold 21600 of its 11 percent 15-year 1000 face value bonds at 97. interest payment
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