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Hodge Inc. has some material that originally cost $74,600. The material has a scrap value of $57,400 as is, but if reworked at a cost of $1,500, it could be sold for $54,500. What would the incremental effect on the company's overall profit of reworking and selling the material rather than selling it as scrap? (Number will be negative)
Greetings Online disposed of a van that cost $22000 with accumulated depreciation of $15000. The journal entry would be to:
Elaine owns an unincorporated manufacturing business. In 2011, she purchases and places in service $250,000 of qualifying five-year equipment for use in her business. Her taxable income from the business before any section 179 deduction is $70,000..
A company that provides training, certification and consulting services to commercial, government, and non-profit organizations in applying best practices in balanced scorecard (BSC), strategic performance management and measurement, and transform..
Management uses accounting information to run the business (and be sure they get bonuses based on profitability ) stockholders use it to be sure they continue to have a sound investment, a banker may use it to monitor credit trends and for compari..
Betsy receives a salary of $50,000 from her employer (a retail clothing store) and several fringe benefits. Her employer pays premiums of $300 for her $40,000 group term life insurance coverage and pays $2,400 for medical insurance premiums.
Explain some common internal controls that a company might have in place. What are they designed to protect? What are the reporting requirements regarding internal controls in the Sarbanes-Oxley Act?
Prepare summary entries on the books of the consignor for these consignment sales transactions. Prepare summary entries on the books of the dealer consignee, assuming there is only one dealer involved. Prepare the parts of Tingey Industries' financia..
What is the relationship between receivables and cash? What is their influence on liquidity and solvency? How do they affect competitiveness? Why are sales revenue and gross margin so important?
Prepare an estimated income statement for 2008. What is the expected contribution margin ratio? Determine the break-even sales in units. Construct a cost-volume-profit chart indicating the break-even sales.
Assume that Smith & Smith CPAs audited Apollo shoes. Inc last year Now CEO Larry Lancaster wishes to engage Anderson, Olds, and Watershed, CPAs (HOW) to audit its annual financial statements.
The Cosmo Company was started by issuing 800 shares of $10 par value stock at an average market price of $20 per share. Prepare journal entries to record the treasury stock transactions. Prepare the equity section of the balance sheet for Cosmo Compa..
Why are we here? What is my purpose to be here? Am I supposed to be doing something great with my life? For thousands of years, men and women have pondered these and similar questions.
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