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Machine was acquired on October 1, 2011, for $40,000. The estimated useful life was 6 year with a residual value of $7000. The company year end is December 31.
Question 1) On June 30, 2015 the company bought a new machine. They business traded the old machine for the new one, paying $15,000 cash and agreed to pay $8000 in 30 days. Give journal entries for the trade of the old machine for the new one. Assume the company used double-declining-method of depreciation
Question 2) Give the journal entry for the purchase done in part 1, if the business had instead used straight-line depreciation method?
Sensitivity of NPV to Conditions. Burton Co., based in the U.S., considers a project in which it has an initial outlay of $3 million and expects to receive 10 million Swiss francs (SF) in one year. The spot rate of the franc is $.80. Burton Co. decid..
Explain why an individual's account at a financial intermediary may be called an indirect investment in a firm that has borrowed money from the intermediary.
When there is a difference between the actual volume of production and the standard volume of production, which of the following, based solely on fixed overhead, occurs?
How much cash was collected from customers during the period and When preparing a bank reconciliation, which of the following items should be added to the book balance?
What is the effect and placement of the entries in requirement 1 on Rylander's earnings as reported on the income statement? What is the effect and placement of the entries in requirement 1 on the statement of cash flows?
What is the difference between Accounts payable and Bills payable, Accounts receivable and Bills receivable?
Compare the relative risks of the two companies. Compute the operating breakeven point ( units& dollars) for Company M and N
In the month of June, Jose Hebert’s Beauty Salon gave 3,900 haircuts, shampoos, and permanents at an average price of $ 30 . During the month, fixed costs were $ 16,600 and variable costs were 75% of sales. Determine the contribution margin in dollar..
Ritter Advertising Company’s trial balance at December 31 shows Supplies $8,195 and Supplies Expense $0. On December 31, there are $2,939 of supplies on hand. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the..
Journalize the entries to record the transactions, and post to the eight selected accounts. Prepare a retained earnings statement for the year ended December 31, 2014.
The strike price of a contract specifies the price at which the securityarrow-10x10.pngarrow-10x10.png covered by an option may be bought or sold. A stock is selling for $42.50 with an option available at a $40 strike price. The 40 call option is pri..
Prepare the required entry that the Calvin T. Ng Bank should make on December 31, 2016 Prepare the required entry that the Calvin T. Ng Bank should make on Dec.
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