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Strategic Sales purchased a machine on January 1, 2010 which cost $210,000, had a residual value of $10,000 and a useful life of 5 years. Strategic Sales can replace this machine with one that is more efficient and sells the old machine for $45,000 on July 1. 2012.
Problem 1: Prepare the appropriate journal entry to record the sale of this machine, assuming the company uses the double-declining- method of depreciation.
What is the company's cost of goods sold if a periodic LIFO system is used? What is the company's cost of goods sold if a perpetual LIFO system is used?
Feast Corporation currently makes the rolls that it uses for its sandwiches, It uses 50,000 rolls annually. A potential supplier has offered to sell Feast the rolls for 0.11 each. If the rolls are purchased, 20% of the fixed overheads could be avoide..
hich of the following statements about markup pricing is true?
What is the best estimate for Morningside's cost of equity? Morningside Nursing Home, a single not-for-profit facility, is estimating corporate cost of capital.
A company uses the weighted-average method for inventory costing. At the end of the period, 29,000 units were in the ending Work in Process inventory and are 100% complete for materials and 82% complete for conversion. The equivalent costs per unit a..
Futures contracts and options contracts can be used to modify risk. Identify the fundamental distinction between a futures contract and an option contract, and briefly explain the difference in the manner that futures and options modify portfolio ris..
question zorba company a us based importer of field olive oil placed an order with an overseas supplier for 500 cases
What is the present value of the CCA tax shield? What is the minimum price that your company should bid per single computer?
Megan McNeil, product manager for Lean and Mean (L&M) weight reduction company, is considering offering its own brand of prepared dinners to its clients. The product design team has constructed the framework for a house of quality from initial custom..
The external auditor is determining whether the internal controls relative to the revenue cycle are operating effectively, the auditor is concerned the company may fail to ship all of the customers orders. what is the best audit test to determine all..
On December 31, 2010, the Stevens Company bookkeeper prepared the following erroneously classified balance sheet:
Dolan Company's accounting records reflect the following inventories: During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000. If Dolan Company's cost of goods m..
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