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The cost of equipment purchased by Charleston, Inc., on June 1, 2010 is $89,000. It is estimated that the machine will have a $5,000 salvage value at the end of its service life. Its service life is estimated at 7 years; its total working hours are estimated at 42,000 and its total production is estimated at 525,000 units. During 2010 the machine was operated 6,000 hours and produced 55,000 units. During 2011 the machine was operated 5,500 hours and produced 48,000 units.Compute depreciation expense on the machine for the year ending December 31, 2010, and the year ending December 31, 2011, using the following methods.a) Straight-line.
b) Units of output.
c) Working hours.
d) Sum of the years' digits
e) Declining balance (twice the straight-line rate)
What effect do these types of leases have on balance sheet? Why would the use of these long - term leases make a company’s debt to equity ratio, interest coverage ratio.
Identify and strengths and/or weakness you identified in your analysis. and Any recommendations you feel are warranted at this time.
Construct Corey’s balance sheet and calculate his net worth. For each remaining part, explain how the event affects Corey’s assets, liabilities and wealth
Hess uses straight-line amortization. On March 1, 2011, Hess retired $400,000 of these bonds at 98 plus accrued interest. What should Hess record as a gain on retirement of these bonds? Ingore taxes.
Haden Inc. had cash sales of $300,000 and credit sales of $1,050,000. The accounts receivable balance increased $15,000 during the year. How much cash did Haden receive from its customers during the year?
Illustrate what amount should be reported as Unamortized Bond Issue Costs?
Henry company purchased a piece of property that included a building, a parking lot, and land for a lump sum amount of $800,000. The insurance company appraised the components as follows: Land-$200,00; Building-$700,000; Parking Lot-$100,000. Illu..
Compute earnings per share data as it should appear on the income statement of Sosa Corporation.
During March, it made 5,000 service calls. How much will Byters on Call’s profit increase if 160 more service calls are made?
A customer orders $30,000 worth of goods with direct costs of $24,000. The customer places 200 orders, orders 240 unique items, 1600 items, and makes 22 returns. What is the profit (loss) on this customer?
Determined that general and administrative overhead was $246 million. Transferred 70 percent of the materials purchased to jobs (work) in process. Completed work on 55 percent of the jobs in process. Costs are assigned equally across all work in proc..
Do you think the recommendations put forth in the Exposure Draft are likely to be successful or not? If successful, what are the most significant attributes? If not successful, what are the critical deficiencies?
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