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The Schneid Firm purchases a fleet of trucks on January 1, 2010 to haul interstate freight. The cost of the trucks was $1,000,000. The trucks have an estimated life of 20 years, and no resale value. It is estimated that they will be able to accumulate 1,000,000 miles before they need to be replaced. Calculate the depreciation for these trucks for the 2010 and 2011 years under each of the following depreciation methods. The trucks are expected to accumulate 60,000 and 70,000 miles in years 2010 and 2011 respectively.
a. Straight-line
b. Sum-of-the-Year's Digits
c. Double-Declining Balance
d. Units-of-Production/Activity
An electing S corporation has a $30,000 ordinary loss for the non-leap year. On January 1, Beverly and Sonya own equally all of the S corporation stock. On the 146th day of the year, Beverly gives her one-half of the S corporation stock to her dau..
Refer to the above information. What is the amount of Bob's bonus if the bonus is to be calculated on income before deducting the salary and interest on capital accounts, but after the bonus? Why?
LaFond Company analyzes its accounts receivable at December 31, 2010, and arrives at the aged categories below along With the percentages that are estimated as uncollectible.
The common shares have a market price of $22.50 per share on the grant date. Suppose Magnetic Optical expected a 10% forfeiture rate on the restricted shares prior to vesting Determine the total compensation cost.
Albert transfers land (basis of $140,000 and fair market value of $320,000) to Gold Corporation for 80% of its stock and a note payable in the amount of $80,000. Gold assumes Albert's mortgage on the land of $200,000.
Review SOX mandates, and determine what protections are currently in place to protect whistle-blowers. Take a position on whether more employees would be willing to blow the whistle on corporate misbehavior due to the provisions for whistle-blower..
What is a balanced scorecard? How can it help you manage a company? Are there any advantages to using one?
Dryden Manufacturing Company prepared a fixed budget of 40,000 direct labor hours, with estimated overhead costs of $200,000 for variable overhead and $60,000 for fixed overhead.
Discuss the proper accounting treatment, including any required disclosures, for each situation. Give the rationale for your answers.
Trade Credit Discount. Compute the annual approximate interest cost of not taking a discount using the following scenarios. What conclusion can be drawn from the calculations?
Which of the following is a true statement regarding primary authority of tax law?
Discuss the potential risks of adopting lean production. Does its application depend on company culture and business condition?
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