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Answer the following questions and show work.
Question II: Fedex Express acquired a delivery truck on January 1, 2009 for $48,000. Its firmmanager estimated that the truck would have a useful life of 6 years and a $6,000 salvage value.Fedex Express uses the straight-line depreciation method. On July 1, 2013 Fedex Express soldthe truck for $14,000. Give the Journal Entries that Fedex Express manager would make on July1, 2013 to recognize depreciation for 2013. Also, provide the Journal Entries for the sale of thetruck.
Question III: Southwest purchased a Boeing 747 aircraft for $70 million in cash, which wasborrowed from Bank of America with $5 million financing fees. In addition, Southwest paid$200,000 to have the plane delivered and $300,000 to prepare the new plane for use (both in cash).The aircraft is depreciated using the straight-line method with a useful life of 20 years and anestimated residual value of $5 million. In the sixth year, Southwest changed the estimated usefullife to 25 years and lowered the residual value to $1.5 million. Calculate depreciation expense forthe sixth, fifteenth, and twenty-fifth year using the straight-line method. What is the journal entryfor the sixth year? Finally, does the change in the depreciation estimates affect net income for thesixth year? If yes, assume that net income for the fifth year and the sixth year is the same andexplain how the net income for the sixth is affected (compared to that for the fifth year)?
What would the normal balance be of a liability account a post closing trial balance? A revenue account? Drawing? Explain.
How much are the sales revenue for March? Calculate Nelsons gross profit for March under each method and which method will result in the lowest income taxes for Nelson?
Determine how many new clients must visit the law office being considered by Terry Smith and his colleagues in order for the venture to break even during its first year of operations.
What business entities are available for a new business? What are the tax and nontax advantages of each form? Select two business types and provide an example of when that selection is most appropriate from a tax perspective and from a nontax perspec..
conversion costs included in ending work in process are $12,500-conversion costs included in ending work in process are $25,000.
Accounting entries from the given information - COLO COMPANY Sales Journal
Depreciation of buses is due to obsolescence. Depreciation due to wear and tear is negligible and liability insurance premiums are based on the number of buses in the company's fleet.
Company A reported sales during the year of $1,000,000. Its average accounts receivable balance during the year was $250,000. Company B reported sales during the same year of $400,000 and had an average accounts receivable balance of $40,000.
Calculate the balance of each account as of March 31st, prepare a trial balance at March 31st and record the adjustments in the journal
Prepare a monthly schedule of expected cash payments for direct materials for the first quarter of 2011.
Evaluate the current competitive environment of Maple Hill Dairy Farm.
What are the volume variance and rate variance experienced, and are these variances favorable or unfavorable?
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