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Question 1: On January 2nd 2018, Jatson Corp aquired a new machine with an estimated useful life of five years. The cost of the account was $100,000 with an estimated residual value of $8, 000. Prepare a depreciation table under the 200 percent declining balance method. Assume that a full year of depreciation was taken in 2018.
Barbara Jones opened Barb’s Book Business on February 1. Received shareholders’ cash contributions on February 1 totaling $23,000 to form the corporation; issued 1,000 shares of common stock. You have been hired to maintain the company’s financial re..
Michaels Company segments its income statement into its East and West Divisions. The company’s overall sales, contribution margin ratio, and net operating income are $580,000, 50%, and $29,000, respectively. The West Division’s contribution margin an..
when Terry deeds the property to the creditor, she also receives $25,000 from the creditor. What are the tax consequences to Terry?
Compute the rate of depreciation per year to be applied to the plant assets under the composite method. Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. Prepare the entry to record the sale of asset D ..
Longview Hospital performs blood tests in its laboratory. The following standards have been set for each blood test performed: During May, the laboratory performed 1,500 blood tests. On May 1 there were no direct materials (plates) on hand; after a p..
Quinnett Corporation has two divisions: the Export Products Division and the Business Products Division. The Export Products Division's divisional segment margin is $37,300 and the Business Products Division's divisional segment margin is $89,700. Th..
Kareem bought a rental house in March 2010 for $300,000, of which $50,000 is allocated to the land and $250,000 to the building. Early in 2012, he had a tennis court built in the backyard at a cost of $7,500. Kareem has deducted $30,900 for depreciat..
Estimate a venture's terminal value in year 5 based on the following information: next year's (i.e., year 6) expected cash flow = $26,000
On 1 July 2015, Summer Ltd acquired 80% of the share capital to gain control of Winter Ltd. The following intra-group transactions occurred during the year ending 30 June 2016. Prepare the journal entries required to eliminate the intra-group transa..
Cindy Green, owner of "Gardens for You" has questions regarding financial results of the company. The return on sales ratio is 25% and the gross margin ratio is 65%. She has read that others in this industry have higher ratio's and is concerned that ..
Assume that Bullen issued 12,000 shares of common stock with a $5 par value and a $47 fair value to obtain all of Vicker's outstanding stock. In this transaction (which is not a pooling of interests), how much goodwill should be recognized?
Gladwell Industries reported net income of $813,700 for its fiscal year ended September 30, 2016. At the beginning of that fiscal year, 257,000 shares of common stock were outstanding. Calculate the earnings per share of common stock for the year end..
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