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Kelsey Co. exchanged Building 26 which has an appraised value of $4,800,000, a cost of $7,590,000, and accumulated depreciation of $3,600,000 for Building K belonging to Dino Co. Building K has an appraised value of $4,512,000, a cost of $9,030,000, and accumulated depreciation of $4,752,000. The correct amount of cash was also paid. Assume depreciation has already been updated. Instructions Prepare the entries on both companies' books assuming the exchange had no commercial substance. Show a check of the amount recorded for Building K on Kelsey's books. (Round to the nearest dollar.)
In the United States, about one in every four companies uses variable costing for internal reporting purposes. These companies must make adjustments to these reports for external-reporting purposes. Explain.
A machine which has a 10 year life will cost $11,000 now with annual operating costs of $500 the first year and increasing $50 per year each of the next 9 years. If the salvage value is estimated to be $2,000 at the end of the 10th year,
1. which of the following is not characteristic of financial accounting? a. information used in financial statements is
dicenta corporation reported net income of 283000 in 2012 and had 50000 shares of common stock outstanding throughout
Directions research the related generally accepted accounting principles and prepare a short memo to the president that summarizes how to report the $40,000 loss on Klote's 2010 income statement. Cite your reference and applicable paragraph number..
Define the major problem or problems. Indicate how the problems are related to one another: What has happened to the key players since the events in this case?
marsden manufactures a cat food product called special export. marsden currently has 19000 bags of special export on
as of the fiscal year ending september 30 2013 crystal beach had 10000000 in 5 percent serial bonds outstanding. the
evaluate the importance of ethics in accounting. is ethical behavior more or less important in this profession than in
Phipps manufactures circuit boards in Division A, a country with a 30% income tax rate, and transfers them to Division B, a country with a 40% income tax. An import duty of 15% of the transfer price is paid on all imported products.
exercise 22-14a calculating and explaining labor price and usage variancesraman and sons a cpa firm established the
gerald englehart industries changed from the double-declining-balance to the straight-line method in 2015 on all its
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