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A business machine purchased April 10, 2008, for $86,000 was fully depreciated in 2008 using § 179 immediate expensing. On August 15, 2009, the sole proprietor who owned the machine died. On that date the machine's value was $57,000. It was inherited by an individual who did not use the machine in business and was sold on November 22, 2009, for $53,000.
Discuss the amount and nature of the gain or loss from disposition of the machine?
What interest rate should be used to calculate the interest revenue from this transaction for the years ended December 31, 2011 and 2012, respectively?
Potomac LLC purchased an automobile for $30,000 on August 5th of 2010. What is Potomoc's depreciation expense for 2010?
Many years ago, Jack purchased 400 shares of Canary stock. During the current year, the stock became worthless. It was determined that the company "went under" because several corporate officers embezzled a large amount of company funds. Identify ..
If a review of Courtney's accounting records at the end of the period disclosed a material price variance of $5,000U and a material quantity variance of $3,000F, determine the actual price paid for a gallon of direct material.
Discuss some possible reasons for differences between these ratios for the two types of inventories. Round answers to one decimal place.
Joanie Corp sells it products on both credit and cash basis. Monthly sales are sold 10% for cash, 90% for credit. Credit sales are collected 40% in the month of sale and 60% the following month. Sales for the first quarter are as follows:
1. Record the transactions in the journal. 2. Prepare the statement of shareholders' equity for 20XX.
Do you agree with Pat's decision? Why or why not? How important do you think Pat's assessment of his personal risk was in decision? Should it be a factor?
In addition, let me know which one interests you the most and how you would go about preparing to accomplish this great goal. Salary, jobs available, and other related information is what we will be looking for this week.
The ability to add ghost employees to a company's payroll system is often the result of a breakdown in internal controls. What internal controls prevent an individual from adding fictitious employees to payroll records?
Discuss how your understanding of the balance sheet and income statement may be applied to your current or future position.
Rey uses the method prescribed in Part 1b, what adjusting journal entry must be made to recognize bad debts expense on June 30, 2012? (Round your intermediate calculation to the nearest dollar amount. Omit the "tiny_mce_markerquot; sign in your re..
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