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An inspecting and profiling web controller that costs $40,000 has a life of 8 years with a $5000 salvage value. The estimated annual operating and maintenance cost is $3700 per year. If use classical straight line depreciation method, fill in blanks below to correctly represent the equation for the cumulative depreciation at the end of year 4. (HINT: skip $ and comma symbols) Annual depreciation deduction in year k: dk = ( Blank 1 - Blank 2 )/Blank 3 Cumulative depreciation through year 4: d4* = Blank 4years x Blank 5depreciation per year.
Jocame Inc. began business on January 2, 2015. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. Calculate the amounts to be reported on..
The Family Support Center is a small charitable organization. It has only four full-time employees: two staff, an accountant, and an office manager. Identify two major control weaknesses in the Family Support Center’s cash receipts procedures. For ea..
An accountant for small business is suspected of writing checks to "dummy" vendors and collecting the money himself. After a thorough investigation of the company
TMI (Thomas Motor Industries) makes high quality air filters for performance automobiles. The filters for Acura and Honda models sell for $32 each. A additional step/product change to the current design in the filters allows more cold air to flow int..
In 20012, Patricia purchases a rental property as an investment at a cost of $60,000. From 2012 through 2015, she takes $7,000 in depreciation on the property. In 2015, Patricia sells the rental property for $80,000, payable at $20,000 per year for 4..
Complete the flexible budget at the 90,000-unit level of activity. Consider that the cost of goods sold and variable operating expenses vary directly with sales and that income taxes remain at 30 % of operating income.
The Draper Company is considering dropping its Doombug toy due to continuing losses. Revenue and costs data on the toy for the past year follow: Sales of 15,000 units $150,000 less Variable expenses $120,000 = Contribution margin $30,000 less Fixed e..
Managerial accounting reports must be prepared according to generally accepted accounting principles. Goods that are part way through the manufacturing process, but not yet complete, are referred to as materials inventory. Conversion cost is the comb..
Calculate the merchandise inventory values
Baker Corporation applies manufactured overhead on the basis of direct labor hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $72,160 and 2,200 estimated direct labor ho..
costs must be included in inventory of a manufacturing company
The book basis of depreciable assets for Erwin Co. is $870,000, and the tax basis is $750,000 at the end of 2015. The enacted tax rate is 34% for all periods. Determine the amount of deferred taxes to be reported on the balance sheet at the end of 20..
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