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Point 1: Three different companies each purchased trucks on January 1, 2018, for $62,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $2,000. All three trucks were driven 80,000 miles in 2018, 55,000 miles in 2019, 51,000 miles in 2020, and 70,000 miles in 2021. Each of the three companies earned $53,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation.
Problem 1: Calculate the net income for 2021?
On February 15, 2013, Jamal, who is single and age 30, establishes an IRA and contributes $5,000 to the account. Jamal’s adjusted gross income is $88,000 in 2013 and $83,000 in 2014. Jamal is an active participant in an employer-sponsored retirement ..
During Burns Company’s first year of operations, credit sales totaled $140,000 and collections on credit sales totaled $105,000. Burns estimates that bad debt losses will be 1.5% of credit sales. By year-end, Burns had written off $300 of specific ac..
howell corporation produces an executive jet for which it currently manufactures a fuel valve the cost of the valve is
Calculate the expected return for Stock A. Calculate the standard deviation for Stock A. Calculate the standard deviation for Stock B.
What is the consolidated net income for 2019 if Ackerman reports $390,000 (does not include investment income) and Brannigan $131,800 in income?
The Biltmore National Bank raised capital through the sale of $100 million face value of 8% coupon rate, 10-year bonds. The bonds paid interest semiannually and were sold at a time when equivalent risk-rated bonds carried a yield rate of 10%.
Assume that you are the owner of Campus Connection, which specializes in items that interest students. At the end of January of the current year
A used car dealer offers the following automobile finance opportunity. Monthly payments on the loan are 3% of the loan amount for 36 months. The loan amount is after any down payment. In addition the loan will require a $1,500 up front loan proces..
Kohl Company lent $52,900 to Hemingway, Inc, accepting Hemingway's 2-year, $64,009, zero-interest-bearing note. The implied interest rate is 10.0%. Prepare Kohl's journal entries for the initial transaction, recognition of interest each year, and the..
Audrey Sanborn has just arranged to purchase a $570,000 vacation home in the Bahamas with a 30 percent down payment. The mortgage has a 6.3 percent APR, compounded monthly, and calls for equal monthly payments over the next 30 years. There were no ot..
Determine the amount of dividends paid out over the last 4 years. Instructions Allocate the dividends to each type of stock under assumptions
Sutton Hot Dog Stand sells hot dogs for $1.35. Variable costs are $1.05 per unit with fixed production costs of $90,000 per month at a level of 400,000 units. Fixed administrative costs total $30,000. Sales average 400,000 units per month, with plann..
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