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Question 1:
Covey Company purchased a machine on January 1, 2008, by paying cash of $250,000. The machine has an estimated useful life of five years (or the production of 500,000 units) and an estimated residual value of $25,000. Required: A. Determine depreciation expense (to the nearest dollar) and book value for each year of the machine's useful life under (1.) straight-line depreciation; and (2.) the 200% declining balance method. B. If the machine was used to produce and sell 120,000 units in 2008, what would the depreciation expense be under the units of production method?
Question 2:
A company purchased equipment for $800,000 and has depreciated it using the straight-line method for the past 5 years when its original life was estimated to be 10 years with a $200,000 residual value. The equipment's utility to the company has declined because they expect it to generate a net cash flow over the remaining years of $200,000 from its operation. If the asset has been impaired, record the journal entry to recognize the loss.
If a company does not monitor notes payable for due dates and interest payment dates in relation to financial statement dates, what misstatements can appear in the financial statements?
A firm is selling an existing asset for $5000. The asset when purchased cost $10,000, was depreciated under MACRS using a five-year recovery period and has been depreciated for four full years.
The video mentions several skills you need in order to be successful in pursuing a career in finance. Explain how would you advise your client assuming a 10% discount rate?
The stated interest rate on the borrowed funds is 10%. What is effective annual rate of interest on the line of credit?
Prepare a double entry accounting system: finding out the two accounts affected, what kind of accounts are they, do account balances increase or decrease, and do we debit or credit the accounts
What are the auditor’s responsibilities for inventory maintained in public warehouses or with other outside custodians? Illustrate what risks do auditors face with these different locations where inventory is stored?
You suspect that your immediate supervisor is involved in a significant fraud involving diverting of company assets to personal use. Briefly describe the steps you might take to resolve this dilemma.
It sold 150 units for $45 each from March 1 through December 31. If the company uses the Last-In, First-Out inventory costing method, what is the amount of ending inventory on December 31?
Show whether each variance is favorable (F) or unfavorable (U) - Evaluate of Variable-overhead spending variance and the variable-overhead efficiency variance
The term "leverage" is used in both finance and accounting. Compare and contrast what leverage means in managerial accounting (operating leverage) vs. what it means in the finance world (financial leverage). How are the concepts different? How are..
Compute the breakeven points in sales dollars. If the selling price is increase to $14 per unit and fixed general and administrative expenses are cut $33,465, what will the new breakeven point be in units?
Revenues total $10,200. Expenses total $7,300. Dividends paid total $2,600. What is the balance in the Income summary account after closing net income or loss to the Retained earnings account?
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