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Presented below are changes in all the account balances of Jackson Furniture Co. during the current year, except for retained earnings.
Increase (Decrease)
Cash $79,470 Accounts Payable $(56,320)
Accounts Receivable (net) 47,480 Bonds Payable 88,330
Inventory 127,320 Common Stock 130,280
Investments (56,050) Additional Paid-in Capital 16,220
Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $26,580 which was paid in the current year.
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Sylva transfers to Leaf Corporation a machine she had purchased a year ago for $50,000. The machine has a $40,000 adjusted basis and a $55,000 FMV on the transfer date.
A machine cost $500,000 on April 1, 2010. Its estimated salvage value is $50,000 and its expected life is eight years. Calculate the depreciation expense (to the nearest dollar) by each of the following methods, showing the figures used.
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Suppose you borrowed $20,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years. How much would you still owe at the end of the first year, after you have made the first payment?
For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $750. The amount debited to Accounts Receivable for the new partnership is
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