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Equipment acquired on October 1, 2015, at a cost of $9,000, has an estimated useful life of 5 years. The residual value is estimated to be $1,000, and the company's year-end is December 31. The company adjusts its accounts annually.
Question 1: Calculate the depreciation expense for the first two years using the
a) straight-line method.
b) double diminishing-balance method with 40% rate.
Blue corp reported taxable income of $700,000 on its federal income tax return for the current calendar year. Selected information for the year is available from Blue's records:
The stock split is expected to increase the company's market capitalization by 5 percent. Evaluate the expected stock price after the stock split is completed?
The 6-month CDs consist of two $50,000 certificates, both of which yield 4% interest. One CD matures on January 3, 2013. Nick’s banker tells him that he can renew the CD for one year at 4%. Nick’s stockbroker tells him that he can purchase tax-exempt..
Choose an item that you would like to manufacture. You do not actually need to manufacture something, but will proceed through the assignment as if you were planning on manufacturing the item you have selected. Classify all manufacturing costs and se..
The portion of proceeds from the sale of bonds with detachable stock warrants attributable to the warrants is accounted for as a(n) a. additional paid-in capital account b. common stock account c. contra-liability account d. adjunct-liability account..
The following information is available for the first month of operations of Hobbies R Us, a manufacturer of art and craft items: Factory overhead was applied during the year. Using the above information, determine the following missing amounts:
Comment on the differences over time. With annual investments and? compounding, after 20 ?years, Shaylea would have $_____?
During 2011, Washington paid salaries of $14,000, and on December 31, 2011, the company accrued salaries of $1,200. What would Washington report for service revenue for 2011?
In the balance sheet at the end of its first year of operations, Dinty Inc. reported an allowance for uncollectible accounts of $82,000. During the year, Dinty wrote off $32,000 of accounts receivable it had attempted to collect and failed. Credit sa..
Winner LTD. is authorized to issue $2 million of 3%, 10 year bonds payable. On December 31, 2014 when the market interest rate is 7% the company issues $1.6 million of the bonds. Winner LTD amortizes bonds discount by the effective interest method. T..
The debt will be paid off in 30 equal semiannual installments of $30,000 over 15-year period commencing October 1,2009, with interest of 6 percent per annum on the outstanding debt.
The bonds are dated January 1, 2017, and pay interest on June 30 and December 31. What is the total cash received on the issue date?
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