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Carlos Company purchases $30,000 of equipment on January 1, 2011. The equipment is expected to last five years and be worth $5,000 at the end of that time. Prepare the entry to record one year's depreciation expense of $5,000 for the equipment as of December 31, 2011.
A U.S. firm has purchased, for 50,000 FCs, an electric generator from a foreign firm. The exchange rates were 1 FC = $0.80 on the delivery date and 1 FC = $0.76 when the payable was paid. What is the final recorded value if the two-transaction met..
Pepe uses the equity method to account for its investment in Devin. What is the gain or loss on equipment reported by Devin for 2009?
Mark Hancock is a self employed attorney who operates his law practice as an unincorporated sole proprietorship. In 2010, the IRS disallowed several business deductions he took in 2007 and 2008. In addition to paying the deficiency and assessed pe..
Orchard Corporation"s capital stock at December 31 consisted of the following: (a) (b) Common stock, $2 par value; 100,000 shares authorized, issued, and outstanding.
Delany recognized net income of $1,000,000 for 2011, and paid $150,000 quarterly dividends to its shareholders. After all closing entries are made, Tremen's "Investment in Delany Company" account would have a balance of:
That the taxpayer has consistently elected to carryback the net operating losses as incurred and elected the "two-year" carryback provision.
Information regarding Central Company's individual investments in securities during its calendar-year 2011, along with the December 31,2011, fairs value, follows.
Treasury stock that had been purchased for $5,400 last month was reissued this month for $7,500. The journal entry to record the reissuance would include a credit to
McKinney Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year they issued common stock totaling $141,000. What was their net income for the year?
With managing cash we don't want to give one person control over enough functions in the business where they have the ability to take cash and also cover up the fact that they took it.
The HMO proposes a capitated per member per month (PMPM) premium to the hospital to provide services to their members. What would the break-even premium be?
Hankco accepts all major bank credit cards, including Omni Bank's, which assesses a 4% charge on sales for using its card. On June 28, Hankco had $3,300 in Omni Card credit sales. What entry should Hankco make on June 28 to record the deposit?
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