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Federal express is the worlds leading express distribution company. In addition to the worlds largest fleet of all cargo aircraft the company has more than 645 aircraft and 47000 vehicles and trailers that pick up and deliever packages. assume that the federal express sold a small delivery truck that had been used in the business for 3 years. the rocrods of the comapny reflect the follow. delievery truck cost $28000, accumulated depreciation $23000
1. give the journal entry for the disposal of the truck.assuming that the truck sold for a. 5000 cash. b. 5600 cash. c.4600 cash.
2. base on three preceding situations, explain the effects of the disposal of an asset??
Grayson Bank agrees to lend the Trust Company $100,000 on January 1. Trust Company signs a $100,000, 9%, 9-month note. What is the adjusting entry required if Trust Company prepares financial statements on June 30?
How do the calculation and comparison to previous years of the gross margin percentage and the ratio of accounts receivable to sales are related to the conformation of accounts receivable and other tests of the accuracy of accounts receivable?
Write the journal entry to show the effect of the accrual (if any) that should be made as of December 31 with respect to the advertising allowance offer.
Dabney's salary is $35,000 while Nancy's salary is $40,000 and they have interest income of $3,000. During the year, they spend $9,000 for child care expenses that are required so both of them can work outside of the home. Calculate the credit f..
For each of the following three separate situations, (a) determine the bonds' issue price on January 1, 2009, and (b) prepare the journal entry to record their issuance.
The qualified higher education expenses they paid in 2010 totaled 2100. Their modified adjusted gross income for the year was 55000. How much of the 500 interes can bill and Linda exclude from gross income in 2010?
The following facts are available regarding the Personal Computer (PC) Division. Selling price of standard circuit board $57 Variable cost of standard circuit board 30 Additional variable cost of special circuit board 21 Determine minimum transfer pr..
Gilkey Construction Company writes of the account of Arthur Blanks of $78,000. The journal entry to record this under the direct write off method is:
You bought a stock three months ago for $73.82 per share. The stock paid no dividends. The current share price is $76.09.
While examining cash receipts information, the accounting department determined the following information: opening cash balance $178.24, cash on hand $1,134.46, and cash sales per register tape $1,156.35.
Vincent Corporation has 73,000 shares of $100 par common stock outstanding. On June 30, Vincent Corporation declared a 3% stock dividend to be issued July 30 to stockholders of record July 15. The market price of the stock was $131 a share on June..
Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2010 and 2011. Assume taxable income was $980,000 in 2011.
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