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For eaqch of the folowing expenditures, indiacte the type of account in which the expenditure should be recorded. Explain your answers.
A. 15,000 annual cost of routine repair and maintenance expenditures for a fleet of delivery vehicles.
B. 60,000 cost to develop a coal mine, from which an etimated 1 million tons of coal can be extracted.
C. 124,000 cost to replace the roof on a building.
D. 70,000 cost of a radio and t.v. advertising campaign to introduce a new product line.
E. 4,000 cost of grading and leveling land so that a building can be constructed.
Hamilton Tool and Die Company purchased $72,000 of equipment with an estimated service life of 4 years. The equipment will be worth $4,000 at the end of its life. The annual amount of depreciation on this equipment is:
On June 1, 2009, Everly Bottle Company sold $400,000 in long-term bonds for $351,040. The bonds will mature in 10 years and have a stated interest rate of 8% and a yield rate of 10%.
Prepare the entry to distribute the labor cost if the job worked on during overtime was a rush order, the contract price of which included the overtime premium.
In the company's first year of operation, no dividends were paid. During the second year, Ten Sports paid cash dividends of $50,000. This dividend should be distributed as follows:
USAco, a domestic corporation, is a wholly-owned subsidiary of FORco, a foreign corporation. USAco's only assets are cash of $200,000, accounts receivable of $200,000 and its U.S. manufacturing plant worth $500,000. USAco has no liabilities. FORco se..
Brian purchased 500 shares of the substantially identical stock for $3,000. What is the tax effect fir Brian as well as what will be the basis of each of four batches of new stock?
Explain why an auditor is likely to set both inherent and control risks at 100% for most segments. And explain the relationship of acceptable audit risk to planned detection risk and the effect of planned detection risk on evidence accumulation co..
Write a letter to David in which you advise him on the deductibility of the $60,000 loss for Federal income tax purposes. Because David is a professional, feel free to make use of technical language in your letter.
On January 1 of the current year, George's basis and at-risk amount in the partnership was $25,000; he made no withdrawals from the partnership during the year. If the partnership sustained an operating loss of $90,000 in the current year, George'..
On January 1, 2010, Carla Industries issued 10% bonds dated January 1, 2010, which has a face amount of 25 million. The bonds mature in 2020. The market rate of interest 12%. The interest is paid on June 30 and December 31.
A 10-year, $1,000 face value bond has an 8.5% annual coupon. The bond has a current yield of 8%. What is the bond's yield to maturity?
The pricing objective of maximizing profits: has not been affected by other, more socially focused concerns .
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