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Question - A company purchased and installed a machine on January 1 at a total of $72,000. Straight-line depreciation was calculated based on the assumption of a five year life and no salvage value. The machine was disposed of on July 1 of the fourth year. The company uses the calendar year.
1. Create a journal entry to update depreciation to July 1 in the fourth year
2. Prepare the journal entry to record the disposal of the machine under each of these three independent situations:
a. The machine was sold for $22,000 cash.
b. The machine was sold for $15,000 cash.
c. The machine was totally destroyed in a fire and the insurance company settled the claim for $18,000 cash.
On July 1, 2016, Wolfpack Corporation purchased securities which it intends to buy. Prepare the year-end journal entry to record the unrealized gain or loss.
A 120-day, 8% promissory note with face value of $15,000 issued on May 1, 2012 was sold on August 5, 2012 while the cost of money is 4%.
one of the products of hearts amp flowers is a one-pound boxof chocolate candy packaged in a box bearing the customers
normally distributed and the population standard deviation is known. She uses a Z test to test the null hypothesis that the mean tensile strength is 800 pounds per square inch.
Required: Prepare the appropriate journal entries from the purchase through the end of the year
Need help with an assignment here is the info. Need it put into a power point presentation and the companies we are using are Tesla and comparing it to Toyota. If you have any questions let me know! Thanks. Here is the SIC number for Tesla Motors ..
Prepare journal entries to record the interim and final dividends declared and/or paid by Garfield Ltd. No narrations are required
Overhead costs are applied to jobs on the basis of machine hours, and predetermined overhead rate is $50 per machine hours. Determine the cost of each job
Using horizontal analysis, show the percentage change for each balance sheet item using 2006 as a base year. Prepare a common size comparative balance sheet
tcc inc. is a manufacturer of heavy grade fabric uniforms for use in fire service law enforcement and extensive
Prepare a schedule that illustrates and compares the following data for Harrisburg Company under the FIFO and the LIFO
What is tax-favored income? Briefly describe the following forms of income excluded from taxation.
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