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Gaston owns equipment that cost $32,000 with accumulated depreciation of $25,600. Gaston asks $7,300 for the equipment but sells the equipment for $5,800. Which of the following would not be part of the journal entry to record the disposal of the equipment?
a Debit Accumulated Depreciation $25,600.
b Credit Equipment $32,000.
c Debit Loss on Disposal of Equipment $600.
d Credit Gain on Disposal of Equipment $600.
e Debit Cash $5,800.
On January 1, 2014, Gordon Co. enters into a contract to sell a customer a wiring base and shelving unit that sits on the base in exchange or $3,000. The contract requires delivery of the base first but states that payment for the base will not be ma..
Which of the following accounts would appear only in an accrual basis accounting system, and which would appear in either a cash basis or accrual basis accounting system? (a) Capital Stock, (b) Fees Earned, (c) Accounts Receivable, (d) Land, (e) Util..
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Provide the MRP tables for all the finished products and the components for the next six weeks and draw a graph to depict inventory level against time and show on it the quantities found above. Also, what is the maximum inventory level?
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The following information relates to the Cliff Division of Mountain Enterprises: If the company has an imputed interest rate of 6%, Cliff's residual income would be:
Nelson, Parker, and Rice are partners who share profits 4:3:3, respectively. Parker decides that it would be more profitable for him to operate as a sole proprietor. Nelson and Rice are in agreement that life would be more rewarding if Parker were to..
Prepare a common-size income statement and balance sheet for McDonough Products. The first column of each statement should present McDonough Products common-size statement, and the second column should show the industry averages.
Calculation of Contribution margin and gross margin using Marginal costing - The company had no beginning or ending inventories and evaluate gross margin for December
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