Reference no: EM133084922
Questions -
Q1. Equipment sold for $50,000. The equipment cost $30,000 and has been depreciated $20,000. Journalize the transactions.
Q2. Gross Profit method inventory calculation: Inventory 1/1/98 $60,000; Purchases $170,000; Sales $210,000; Markup percentage 30%. Calculate the ending Inventory.
Q3. Calculate the inventory using FIFO and LIFO:
Ending inventory 45,000 units
Purchased 2/1 40,000 @ $15.50; 4/1 57,000 @ $16.60; June 1 42,000 @ $16.60; 9/1 29,000 @ $16.30
Q4. Journalize the following transactions:
Purchased land for $50,000 paying $4,000 down in cash the balance with a note payable.
Building purchased for $50,000 with fees of $5,000 for cash.
Building roof replaced for cash of $75,000.
5. ABC Co. purchased equipment for $50,000 with a salvage value of $5,000 on 2/1/08 with a life of 5 years. Calculate depreciation for 2008 using the sum of the digit method.
6. Journalize the payroll entries from the following information:
Salaries $120,000; Income Tax deduction $20,000; Fica Tax deduction 7% of salaries;
US Savings Bond deduction $2,000; SUTA Tax 4% of salaries; FUTA Tax .8 of salaries.
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Calculate the payback period of machine a and machine b
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Reflecting on information and activities
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Customer loyalty program
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Heckscher-ohlin theory
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Calculate the ending inventory
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Choosing organizational form
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Calculate the anticipated total cash available in december
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The blue wall-health information communication methods
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Creative thinking and apply innovation
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