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In recent years, Juresic Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and various methods were selected.Bus Acquired Cost SalvageValue Useful Lifein Years Depreciation Method1 1/1/08 $96,000 $6,000 5 Straight-line2 1/1/08 120,000 10,000 4 Declining-balance3 1/1/09 80,000 8,000 5 Units-of-activity
For the declining-balance method, the company uses the double-declining rate. For the units-of activity method, total miles are expected to be 120,000. Actual miles of use in the first 3 years were: 2009, 24,000; 2010, 34,000; and 2011, 30,000.
Sarah - cash of $2,000, accounts receivable with a FMV and tax basis of $1,000, and equipment with a FMV of $40,000 and adjusted basis of $3,500. Sarah also contributed a $23,000 note payable, and the partnership assumed legally responsibility for..
one does need to look for certain types of information that meet their needs.on formal reports how does one know they
think about the personal financial transactions that you have engaged in during the course of the last week. describe
Heather Bailiff is the new owner of Ready Parking. She has heard about internal control but is not clear about its importance for her business. Explain to Heather the two purposes of internal control and give her one application of each purpose fo..
write down a paper in 600- 700 words discussing the four different types of financial statements. explain the
Shareholders in closely held C-corporations often pay themselves large salaries in order to avoid double taxation on corporate income.
TRM Corporation established a defined benefit pension plan in Year 5. In Year 8 the following information is available. Service cost = $45,000. Interest cost = $60,000.
luxury auto limitations. tracy acquires an automobile macrs 5-year recovery on march 1 2013. he uses the automobile 70
Identify three major disadvantages of test marketing and propose how each one can be avoided. Describe three products whose adoption rates have been affected by complexity, compatibility, relative advantage, observability, and/or trialability.
Describe the components of the common body of tax law (CBOTL). Include in your response answers to the following questions: What role does the U.S. Congress play in creating the tax law? Briefly explain how a tax bill becomes a tax law.
1 yankton company began the year without an investment portfolio. during the year they purchased investments classified
buyu manufacturing has beencontracted to provide sael electronics with printed circuit and motherboards pc boards
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