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The XYZ Block Company purchased a new of?ce computer and other depreciable computer hardware for $4,800. During the third year, the computer is declared obsolete and is donated to the local community college. Using an interest rate of 15%, calculate the PW of the depreciation deductions using each of the following methods. Assume that no salvage value was initially declared and that the machine was expected to last five years.
(a) Straight-line depreciation
(b) Sum-of-the-years’-digits depreciation
(c) MACRS depreciation
(d) Double declining balance depreciation
The Statement of Cash Flows is sometimes referred to as the "where got, where gone” statement. What does this mean? Discuss the various components of this statement. Explain why is it so important in analyzing the cash flow of the company?
Fresher Foods, Inc. orally agreed to purchase 1000 bushels of corn for $1.25 per bushel from Vernon, a farmer. Fresher paid $125 down and agreed to pay the remainder of the purchase price on delivery, which was scheduled for one week later. Fresher s..
Martinez Company has decided to introduce a new product. The new product can be manufactured by either a capital-intensive method or a labor-intensive method. The manufacturing method will not affect the quality of the product. The estimated manufact..
Dan and Diana file a joint return. Dan earned $31,000 during the year before losing his job. Diana received Social Security benefits of $5,000. Determine the taxable portion of the Social Security benefits. What is the taxable portion of the Social S..
On January 1, 2016 Gearty Corporation acquired 100% of Olinto Corporation. Gearty Corp. paid $900,000 for the acquisition of all of Olinto’s stock. On the date of acquisition Olinto’s assets and liabilities equaled their book value except for land an..
Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fludex, as follows: Standard Quantity ..
The direct materials budget shows: Units to be produced 3,000, Total pounds needed for production 12,000, and Total materials required 13,200. What are the direct materials per unit?
In determining the adequacy of IT controls, which of the following is not applicable. What is the primary benefit of having an internal auditor with expertise and experience in their business?. What is a way management can gain assurance over control..
investment losses need not impair the principal of not-for-profits endowment funds. in 2014 the rubin center for the
Prepare the journal entries to create and close the warranty period for the contingent liability due to sales from February.
She would like to receive a refund of the gift tax she paid and have some of her unified credit restored. Prepare a memo that addresses whether Janet should be entitled to refund of the gift tax paid and restoration of some of her unified credit.
The payroll register of Seaside Architecture Company indicates $840 of Social Security and $218 of Medicare tax withheld on total salaries of $15,100 for the period. Provide the journal entry to record the payroll tax expense for the period. If an am..
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