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Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000. The estimated fair values of the assets are land $60,000, building $220,000, and equipment $80,000. At what amounts should each of the three assets be recorded?
The production departments are profit centers. Their goods are transferred to subsequent depart-ments, such as a sales department or sales division, at prices that approximate market prices for similar products.
The actual cash received from cash sales was $11,279, and the amount indicated by the cash register total was $11,256.
Sweet Scent Company manufactures scented wax pellets. The company buys wax in 100-pound containers that cost $15 each. They use 20,000 containers per year, and usage occurs evenly throughout the year.
In 2010, Bailey Corporation discovered that equipment purchased on January 1, 2008, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%.
An art dealer sold two artworks at $1520 thereby making a profit of 25% on the first work and 10% on the second, where as if he had approached any exhibition he would have sold them together for $1535 with a profit of 10% on the first and 25% on t..
If he sells the pubs abd then leases them back would you expect Lion Nathan to change how it accounts for the depreciation of he building?
The plan has a $2,000 deductible, but his employer contributed $1,500 to Rex' s HAS. Rex withdrew only $800 from the HAS, and the account earned $50 interest during the year.
For each of the three concepts described in the chapter, what value would be attributed to this land in a consolidated balance sheet at the date of takeover?
How should you account for the difference between the carrying value and the purchase price in the consolidated financial statements for 2003?
You just heard a news story about a mad cow disease in a neighboring country, and you believe that feeder cattle prices will rise dramatically in the next few months as buyers of cattle shift to US suppliers.
Write a summary of a current event article relating to cost behavior and/or cost-volume-profit analysis. Please cite your source. The article can be from television, newspaper, or a current magazine. Please give some thought to the assignment and ..
The equipment will provide cost savings of $7,300 and will be depreciated straight-line over its useful life with no salvage value. Cleaners, Inc. requires a 10% rate of return. What is the approximate net present value of this investment?
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