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Question - Jas Sidhu owns a trucking business. He is a family friend and he is aware you are studying accounting. His company recently purchased a truck and the bookkeeper charged the expenditure to repairs and maintenance expense. Jas thinks the cost of the truck should be capitalized. Explain to Jas how the trucks should be accounted for and why?
The machine's remaining useful life was estimated to be five years with a residual value of $500. Give the entry required to record the company's depreciation expense for 2011.
Assume the equipment was sold on October 1,2015 for $322,700. Journalize the entry to record depreciation for the 9 months until the sale date.
Pete parlor had a balance of $15,000 in unearned revenue on February 1st. at the end of February, Prepare adjusting journal entry to reflect this information
ABC Company makes and sells two products, X and Y. Compute the contribution margin ratio for Product X and product Y
Incremental cash flow is the additional operating cash flow that an organization receives from taking on a new project. A positive incremental cash flow means that the company's cash flow will increase with the acceptance of the project.
A company just issued 10-year bonds at a coupon rate of 8%. Coupons are semi-annually paid. If YTM on these bonds is 9.3%, what is the current bond value
Over the last 10 years, Australia's higher education sector has experienced a period of great prosperity. Much of this growth has been attributed to the revenue generated from international student enrolments
Indicate the affect of the misstatement on Gentry Supplies Company's balance sheet and income statement for the year ended December 31, 2009.
shareholders want answers to all of the following questions except how does the company compare in profitability with
Jam Co. forecasts merchandise purchases of $11,600 in January, $11,800 in February, and $15,400 in March; 40% of purchases are paid in the month of purchase.
assume that simple co. had credit sales of 286000 and cost of goods sold of 134000 for the period. simple uses the
Varton Corp. acquired all of the voting common stock of Caleb Co. on January 1, 2011. In 2011, Varton owned some land with a book value of $84,000 that was sold to Caleb for its fair value of $120,000. How should this transaction be accounted for ..
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