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Kerr Company purchased a patent on January 1, 2006 for $180,000. The patent had a remaining useful life of 10 years at that date. In January of 2007, Kerr successfully defends the patent at a cost of $81,000, extending the patent's life to 12/31/18. What amount of amortization expense would Kerr record in 2007?
Distinguish between accounting treatment for available for sale equity securities and trading equity securities with example.
Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values an..
A small delivery truck was purchased on January 1 at a cost of $25,000. It has an estimated useful life of four years and an estimated salvage value of $5,000. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciat..
At the time the machine was purchased, the market rate of interest was 10%. The amount that should be debited to the asset account, Machinery, on the date of purchase is (round to the nearest dollar)
Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $22,590 which was paid in the current year.
Using vertical analysis, prepare a common size comparative balance sheet.
What is the differences and similarities between the roles of accountants and auditors. What additional expertise must an auditor possess beyond that of an accountant?
Determine the EOQ, average inventory, orders per year, average daily demand, reorder point, annual ordering costs, and annual carrying costs.
Bridgette owns and runs a small licensed (alcohol) café. Her refrigerator broke down and she contacted an old client and friend of hers, Eddie (electrician) to repair it.
Based upon the above information, a change to the LIFO method in 2008 would result in net income for 2008 of
Compute depreciation expense for the years 2010 and 2011 and show the book value of the machine on December 31, 2011 using each method below:
Unger Company uses the perpetual inventory method. Unger sold goods that cost $3,500 for $7,200. If the sale was made to a customer on account, the sale will:
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