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Problem 1: On December 5 Crater Company traded a four year old machine for a similar new machine. The old machine had a recorded cost of $8,000 and accumulated depreciation (updated to the date of trade) of $6,000. The new machine has a list price of $12,000 and the old machine has a fair value of $2,500. Cash of $9,500 was paid to complete the transaction. This exchange has commercial substance. Give the necessary journal entry.
Sayer Co. entered into a contract woth Bradford Construction Co. for construction of an office building at a cost of $680,000. Upon completion of construction, Bradford agreed to accept in full payment fo the contract price Sayer Co.'s %10 bond with ..
In 2000 Ms. Ennis, a head of household, contributed $50,000 in exchange for 500 shares of Sets stock. Seta is a qualified small business. This year Ms. Ennis sold all 500 shares for $117,400.
How are auditing, fraud examination, and financial forensics interrelated? All may involve litigation support All may involve gathering evidence All use similar investigative techniques All are impacted by the SOX Act
Prepare journal entries to adjust the books of Cecil Company at June 30, 2018. Payments to vendors of P20,000 were made for purchases on account
Maya Jewelry is a not-for-profit firm in Miami that employs recent immigrants from Guatemala to produce Mayan-style jewelry that is sold exclusively in the United States. Compute Maya’s overhead rate for next year. During the first week of the next y..
Calculate the effect, if any, that each error had on the related December 31, 2019 statement of ?nancial position items. Calculate the effect of each error
A concerned citizen provides resources and establishes a trust with the local government. What factors should be considered in determining which fund to report the trust activities?
Morton Company’s variable manufacturing overhead should be $4.50 per standard direct labor-hour and fixed manufacturing should be $270,000 per year. Although normal activity is 30,000 direct labor-hours each year, the company expects to operate at a ..
Stevie Hightower leased a machine on December 31, 2013, for a three-year period. The lease agreement calls for annual payments in the amount of $17,000 on December 31 of each year beginning on December 31, 2013. Hightower has the option to purchase t..
Rick Rocker, a citizen and resident of country F, decides to perform a concert in Los Angeles. The U.S. promoter has agreed to pay Rocker $1 million. Rocker himself incurs $200,000 of expenses in connection with the concert. When the promoter pays Ro..
How much is the total share premium arising from the share transactions. Issued 10,000 shares with a par value of $10 per share for a total
What is the cost of preference shares? What is the firm's weighted average cost of capital (WACC)? what is the market value of ordinary shares?
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