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Quigley co. bought a machine in January 1, 2009 for $875,000. It had a $75,000 estimated residual value and ten year life. The repairs and maintance expense account was incorrectly debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2011.
Prepare the entry or entries related to the machine for 2011. Please explain how and why you git the answer as well.
Use T accounts to record transactions involving assets, liabilites and owners equity for the following:
A non current asset has a carrying amount of $20,000. it could be sold for $18,500 with selling cost of $500. its value in use is $22,000 and its replacement cost$50,000. according to IAS 36 Impairment of Assets, what is the recoverable amount of ..
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Brooks can borrow $500,000 by issuing 5%, 10-year bonds at a price of 96. How much will Brooks actually receive in cash under this arrangement?
Liabilities incurred, such as for accrued payroll, but still unpaid at year-end, should be recorded in the General Fund by a debit to which of the following accounts?
Maxey company had current and noncurrent liabilities of $50,000 and $150,000, respectively. The company's current assets were $76,000, out of a total asset figure of $424,000. Calculate the company's debt ratio.
Beth, who died in January 2012, was survived by her husband, Ben. Beth's federal gross estate was equal to $6,000,000 on the date of her death.
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Canada Bank has $60,000 of 16% (annual interest) bonds outstanding, 1,500 shares of preferred stock paying an annual dividend of $5 per share, and 4,000 shares of common stock outstanding.
Its unamortized cost on Royce's books was $400,000. In Klein's 2010 income statement, what amount should be reported as amortization expense?
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