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Problem
JET FAB bought a CNC laser cutting machine at a cost of $750,000 to meet the specific needs of customer that had given a 4-year contract with the possibility of extending the contract for another 4 years. The company uses the MACRS depreciation method for this equipment as a 7-year property for tax purposes. The income tax rate for the company is 42%, and the company expects to have an after-tax rate of return of 8% in all its investments.
The laser cutting machine generated an annual income of $250,000 for the first four years. The customer decided not to renew the contract after 4 years due to circumstances beyond its control. Consequently, the company ended up selling the CNC laser cutting machine for $220,000. Determine if the company obtained the expected after-tax rate of return on this equipment.
What was the gain or loss on the sale? On which financial statement would the gain or loss appear? What information does this accounting calculation provide for future decisions?
Prepare the income tax section of the 2011 income statement beginning with the line "Operating loss before income taxes."
During the month he purchased $10,000 of fuel and repair parts on credit He received $50,000 during the month from customers who paid in cash.
Notes payable - discount basis On August 1, 2013, Colombo Co.'s treasurer signed a note promising to pay $120,000 on December 31, 2013. The proceeds of the note were $114,000. Calculate the discount rate used by the lender. Calculate the effective in..
If Bethlehem Steel has primarily short-term debt outstanding, with a maturity of one year, would you deem the debt structure appropriate? Why might Bethlehem Steel be inclined to use short-term debt to finance longer-term assets?
Assuming that the enacted tax rate is 30% in both 2010 and 2011 and that krause paid 780,000 in income taxes in 2010, the amount reported as the net deferred incoem taxes on krauses balance sheet at dec 31 2010 should be:
Utica Machinery Company purchases an asset for $1,200,000.
Complete the process cost summary report for this company, showing costs charged to production, units cost information
What financial statistic or statistics would be distorted by this arrangement
a company has 90000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible
income statement for the year ended december 31 2011
Do you agree or disagree that the effect of the Class C stock dividend will be the same as a two-for- one stock split
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