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Exercise-Depreciation calculation methods LO 3
Millco, Inc., acquired a machine that cost $592,000 early in 2016. The machine is expected to last for eighth years, and its estimated salvage value at the end of its life is $79,000.
B. Using declining-balance depreciation at twice the straight-line rate, calculate the depreciation expense for the third year of the machine's life
C. What will be the net book value of the machine at the end of its eighth year of use before it is disposed of, under each depreciation method?
Jacob earned $80 babysitting and deposited the money into his savings account. The next week he spent $85 on video games. Use integers to describe the weekl changes in C
Vic, who was experiencing financial difficulties, was able to adjust his debts as follows: Vic is an attorney. Vic owed his uncle $25,000. The uncle told Vic that if he serves as the executor of the uncle’s estate, Vic’s debt will be canceled in the ..
Garland Company received proceeds of $188,000 on 10-year, 6% bonds issued on January 1, 2013. The bonds had a face value of $200,000, pay interest semi-annually on June 30 and December 31. Garland uses the straight-line method of amortization. What i..
Assume the bonds are issued at 109.9 on June 1 to yield an effective interest rate of 8 percent. Prepare the journal entries for June 1, 2014, November 30, 2014, and May 31, 2015
Smashing Pumpkins Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2014, consists of products D, E, F, G, H, and I. Relevant per-unit data for these products a..
Explain how and why some changes in accounting principle are reported prospectively. Explain how and why changes in estimates are reported prospectively. Describe the situations that constitute a change in reporting entity.
Declared and paid $10,000 of dividends. In addition, the company sold additional common stock amounting to $14,000. As a result, the amount of its retained earnings at the end of the year would be.
Regular savings accounts are insured by the FDIC up to 250,000 just recently. Does it make these accounts safer and If these accounts are safe what is the drawback?
Tanker Tech-Tethers produces an electronic dog collar. The annual budget for the collar production in the current year was: Budget Actual Production and sales 4000 units 3900 units Variable production costs $640,000 $631,800 Fixed production costs $4..
Create an interpretative write up of your financial analysis, explaining trends and items of concern for the directors of FedEx. For each ratio, you should describe ratio, inform the directors about
Suggest which policy is the best (Assume 360 days in a year)
A company produces? 1,000 packages of chicken feed per month. The sales price is? $4.00 per pack. Variable cost is? $1.50 per? unit, and fixed costs are? $1,700 per month. Management is considering adding a vitamin supplement to improve the value of ..
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