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Question 1: Equipment purchased on January 1, 2013, at a cost of $140,000 has an estimated residual value of $8,000. The equipment is depreciated using the straight-line method over its estimated useful life of 16 years. The company's financial year ends on December 31 each year. If the equipment is sold on June 30, 2017 for $96,700. The entry to record the depreciation adjustment on the equipment in the year 2017 will be?
Why do companies hedge foreign exchange risk? What are the differences between a forward contract and a foreign currency option? What term is used for an option with a positive intrinsic value? What is the concept underlying the two-transaction persp..
cash flows for the year ended December 31, 2012, what amount should be reported as cash flows from capital and related financing activities
Galante Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During May, Kennel budgeted for 3,000 tenant-days, but its actual level of activity was 2,980 tenant-days. Revenue $1..
The project would generate before tax annual cash inflows of $28,500. The tax rate is 35% and the company’s discount rate is 14%. What is internal rate of return?
Shaq Company operates with three segments, Louisiana, Orlando, and LA. Calculate the return on investment for each segment. Rank from highest to lowest
Show in good form the income statement of ABC Corporation for 2011 starting with "income from continuing operations." Suppose that ABC's tax rate is 40 percent and 100,000 shares of common stock were outstanding during the year.
In 2016, Gail changed from the lower of cost or market FIFO method to the LIFO inventory method The ending inventory for 2015 was computed as follows: What is the correct beginning inventory for 2016 under the LIFO method? What immediate tax conseque..
Assuming Magic expects to sell 40,000 units per year, should it purchase the new equipment? Would your answer change if Magic expects to sell 50,000 units
For the purposes of the balance sheet preparation, there are several different measurement bases are used (historical cost, depreciated historical cost, market value, realizable value, present value) which compromises the comparability characteristic..
Which of the following uses managerial accounting? Which of the following does the planning function involve?
Entries for issuing and calling bonds - The fiscal year of the company is the calendar year. Journalize the entries to record the selected transactions
Tangelo had $50,000 in accumulated E&P at the beginning of the year, during the year it incurred a $75,000 operating loss, it distributed $65,000 to its sole shareholder, how should the distribution be treated for tax purposes?
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