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Question - Rock Company purchased a depreciable asset for $600,000 on April 1, 2018. The estimated salvage value is $60,000, and the estimated total useful life is 5 years. The company is using double declining balance method. At the end of 2019, the asset was modified for 150,000 dollars. This modification added 5 more years to the useful life. The asset was sold on May 1, 2021 for 300,000 dollars. Prepare all the journal entries associated with this equipment.
Calculate the gross profit ratio, the inventory turnover ratio, and the average days in inventory for the two companies using the most recent fiscal year data.
How much did shareholders initially invest in the business?How much was Baltimore's net income?How much was Baltimore's revenue for the year?
"Auditors shouldn't be allowed to act like God," said Hideyuki Aizawa, a senior member of Japan's major political party the LDP. "Resona should be the first and last time this happens."
Record the above information in appropriate ledger accounts including balances at beginning. Create extra accounts as necessary (either T or three column)
Five thousand shares of preferred stock are sold for cash at $120 per share. Prepare the general journal entries necessary to record these transactions
Prepare an income statement, an owner's equity statement, and a balance sheet for the dental practice of Carl Craft
During the year, sales returns and allowances totaled $235,750. The cost of the merchandise returned was $141,450. The accountant recorded all the returns.
Question - The International Federation of Accountants says: Why is accounting now interdependent with IT
boomerang computer company sells computers with an unconditional right to return the computer if the customer is not
Eddie Corporation made the first payment but did not make any other payments. How should Nancy Corporation account for the $100,000 forfeited payment
Record all transactions in the relevant journals. Note that special journals must be used where applicable. Any transaction that cannot be recorded.
Assuming that PAYG tax is deducted at 30%, what would the entry be to record the employee's weekly salary (round amounts to the nearest dollar)
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