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Questions -
Q1. The SOS company bought equipment for $100,000 at the beginning of an accounting year. The equipment is depreciated to a residual value of $10,000 using straight-line depreciation. The depreciation life of the equipment is 10 years. The equipment is sold in 7 years and 3 months for $40,000. Complete journal entries to update depreciation (since end the of last accounting period) to date of sale. The accounting period is one year.
Q2. The SOS company bought equipment for $100,000 at the begining of an accounting year. The quipment is depreciated to a residual value of $10,000 using straight-line depreciation. The depreciation life of the equipment is 10 years. The equipment is sold in 7 years and 3 months for $40,000. Complete journal entries to record sale. The accounting period is one year.
Q3. A bond was issued at the beginning of the accounting year (01/01/2018) for $8,000. The bond has a par value of $10,000 and coupon rate of 10% paid semiannually. The yield to maturity on bond is 13.74% per year compounded semiannually. Make the journal entries on 07/01 (end of first accounting period) and 12/31 (end of accounting period) to record bond amortization and interest expense based on effective interest method.
Prepare a classified balance sheet; assume that $22,000 of the note payable will be paid in 2013 - comment on the liquidity of the company.
What will the internal rate of return (IRR) be if the exit multiple is 10.0x and the purchase price per share is $1,700 in the bull case
William recognized a $4,500 capital gain on the sale of marketable securities and a $15,000 Section 1231 loss on the sale of business equipment. What is net effect of these gains and losses on William's taxable income?
Determined total earnings, total deductions, and cash paid , determined each of the employers payroll taxes related to the earnings Ella Dodd for the week endd march 15.
On January 1, Puckett Company paid $3.20 million for 80,000 shares of Harrison’s voting common stock, which represents a 40 percent investment. No allocation to goodwill or other specific account was made. Significant influence over Harrison is achie..
Identify net cash from operating activities for the year of 2014 & 2013. Identify net cash used in investing activities for the year 2014 & 2013. Identify net cash from financing activities for the year 2014 & 2013.
Access the financial statements and related disclosure notes of Google Inc. from its website at investor.google.com. In Google's balance sheet, deferred income taxes in 2010 are reported as both a current asset ($259 million) and a noncurrent asset (..
In your opinion, as an auditor, what account should the client classify the apartment and housing / real estate complex be? Explain your answer.
Why do we have choices of inventory methods instead of just using one all the time. Which method is used the most. Which inventory method is the best?
Show the journal entry for allocating the funds under the percentage-of-receivable method. Assume that on February 7, 2021, Roadrunner wrote off
How can financial information be consistent but not comparable? When might an amount on material to management but not to the CPA auditing the financial statements?
Describe four examples of what a company's policy and procedures could include to ensure that all clients' rights are protected.
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