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On January 1, 2017, ABC Co. sold equipment for $16,000 cash that had cost $35,000, a salvage value of $5,000, and a useful life 10 years. The double-declining-balance depreciation method was used. On December 31, 2016, accumulated depreciation was $20,600. Prepare a journal entry to record the disposal of the equipment. Hint: Your journal entry below should include a gain on disposal of $1,600.
Date Account Name Debit Credit
Estimate the May 31 inventory, using the gross profit method and prepare the May income statement through gross profit for Halloween Costumes.
Sharon has the following results of netting her short-term and long-term capital gains and losses for 2014: $56,000 short-term capital loss, and $82,000 net long-term capital gain ($21,000 0%/15%/20% long-term capital gain, and $61,000 25% long-term ..
Information on Fleming Company's direct material costs follows: Actual amount of direct materials used 20,000 pounds. What was the company's direct material price variance?
His employees can be found on many of the major intersections hawking his wares out of the backs of station wagons and pickup trucks. What is best way for this business to ensure that sales data entry is efficient and accurate?
The correct adjusting entry for accrued and unpaid employee salaries of $8,000 on December 31 is.
Shin Company has a loan agreement that provides it with cash today, and the company must pay $25,000 4 years from today. Shin agrees to a 6% interest rate. The present value factor for 4 periods, 6% is 0.7921. What is the amount of cash that Shin..
Prokina Manufacturing Company reported the following data regarding a product it manufactures and sells. Use the per-unit contribution margin approach to determine the break-even point in units and dollars. Use the per-unit contribution margin approa..
Compute for June, Schmidt Machinery Company's Purchase-price and usage variances for aluminum and Direct labor rate and efficiency variances.
What is the product cost of providing one evening of instruction for all students and What is the product cost of training a student over the entire course?
In addition, the company had outstanding all year a 10%, 3-year, $4,000,000 note payable and an 11%, 4-year, $7,500,000 note payable. What amount of interest should be charged to expense?
pay roll account kept under zero balance system . calculate pre taxslimware is considering establishing a zero-balance
Compute the beginning balance in the cash account and how much cash was provided by (or used in) operating activities
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