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Disposal of Plant Assets
A piece of equipment that cost $63,700 and on which $35,700 of accumulated depreciation had been recorded was disposed of on January 2, the first day of business of the current year. For each of the following assumptions, compute the gain or loss on the disposal. If required, use the minus sign to indicate a loss.
1. The equipment was discarded as having no value.2. The equipment was sold for $12,000 cash.3. The equipment was sold for $35,700 cash.
J. Smith and Co. are retailers of electrical applicances. As from 1st July, 1953, they have sold goods on hire-purchase terms as well as for cash.
Long Corporation is a fabric manufacturing company.
Moxley Corporation had January 1 and December 31 balances as follows. For 2010, cost of goods sold was $500,000. Compute Moxley’s 2010 cash payments tosuppliers.
western corp. produces two products cigars and chewing tobacco from a joint process involving the processing of tobacco
cedars hospital has average revenue of 180 per patient day. variable costs are 45 per patient day fixed costs total
At least 2 ethical issues that managers and financial teams face when preparing financial reports.- What regulations should be considered when making a decision about each issue?
What difference does it make to Norman and to Robin how much is allocated to interest versus principal if the total of the cash payments will not change? Which interest rate would be better for Norman?
Prepare the journal entry to record the April 1 purchase (ignore any freight charges) of merchandise by Mathis Company.
the pima and southern railroad psrr is a small railroad operating in rural arizona. it exists by carrying freight to
charley bob and al want to form a partnership. charley contributes 40000 in cash and 40000 in receivables bob
Gregg Company recently issued two types of bonds. The first issue consisted of 20-year straight debt with an 8 percent annual coupon.
Find total cost of merchandise sold and Find total stock deductions (Outs) in retail and Find closing inventory at cost
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