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On Nov. 4, 2005, Blue company acquired an asset (27.5 year residential real property) for $100,000 for use in its business. In 2005 and 2006, respectively, Blue took $321 and $2,564 of cost recovery. These amounts were incorrect because Blue applied the wrong percentages (i.e. those for 39years rather than 27.5year). Blue should have taken $455 and $3,636 cost recovery in 2005 and 2006. On January 1, 2007, the asset was sold for $98,000. Calculate the gain or loss on the sale of the asset in 2007.
hemingway inc. applies factory overhead based on direct labor costs. the company incurred the following costs during
In the space below, describe the advantages of budgeting and compute the ROI for each division below to two decimal places.
What technique of accounting should Web-Browser use to account for its investment in Internet Access at 31 st December, 1998, and June 30, 1999 (i.e., cost or equity method)?
williams company acquired machinery on july 1 2009 at a cost of 130000. the estimated useful life of the machinery was
Rhonda, a calendar year taxpayer, filed her 2010 return on November 4, 2012. She did not obtain an extension for filing her return, and the return reflects additional income tax due of $25,000.
the per-unit standard for direct labor are 2 direct labor hours at 12 per hour. if in producing 1200 units the actual
derek company gathered the following reconciling information in preparing its september bank reconciliation cash
Which of the following elements of an entity's internal control structure includes the development of personnel menuals documenting employee promotion and training policies?
Merck is one of the largest pharmaceutical firms in the world, and over an extended period of time in the recent past, it consistently earned higher ROEs than the pharmaceutical industry as a whole. As a pharmaceutical analyst, what factors would ..
jane greinke is the advertising manager for payless shoe store. she is currently working on a major promotional
john harper has borrowed 17400 to pay for his new truck. the annual interest rate on the loan is 9.4 percent and the
percent coupon and pay interest semi-annually. currently the bonds are priced at 1063.15. the company issued this
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