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Toth's architech purchased a color plotter for $5,000 in January 2006. The plotter was expected to last for 5 years with a $500 salvage value. Toth uses the double-declining balance method to depreciate the plotter.
Toth chose to upgrade to a premium model in January 2007 and sold the old plotter to dunn drafting for $2,500.
Prepare the journal entry recording for this sale of old plotter.
Quest Tech, Inc. manufactures and sells specialized data storage equipment and services to entertainment and media companies.
Vince's assistant manager, an accounting major, has suggested that the firm should try to increase the contribution margin per pizza. Explain the meaning of "contribution margin" in layman's terms.
Partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses. Kasi's basis in the partnership interest is:
If the income tax rate is 30% and the amount of income taxes paid would be $300 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?
A company office supplies account shows a beginning balance of $600 and an anding balance of $400. if office supplies expense of the year is $3,100, what amount of office supplies was purchased during the period?
Determine that the financial statements present fairly in accordance with generally accepted accounting principles.
A company is considering the purchase of a new piece of equipment for $90,000. Predicted annual cash inflows from this investment are $36,000 (year 1), $30,000 (year 2), $18,000 (year 3), $12,000 (year 4) and $6,000 (year 5). The payback period is..
The One Stop Print Shop has used the same overhead rate on all jobs. Job 216 was the only job in process at the beginning of the month. At that time it had incurred direct labor costs of $150 and total cost of $570.
The Randalls have a married son and four grandchildren (ages 15, 17, 18 and19). They establish a trust under which the income is to be paid annually to the grandchildren until the youngest reaches age 25.
You own a bond with a face value of $10,000 and a conversion ratio of 450. What is the conversion price?
Describe costing methods for inventory control, denominator-level capacity concepts and cost capacity analysis?
With this system it is estimated that 120 cars per hour can be serviced. All workers earn the minimum wage. Use productivity arguments to recommend whether or not to change the current system.
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