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Question - A company purchased a piece of equipment on January 2, 20x5 for $560,000 (residual value of zero), and determined that it would need to be decommissioned at the end of its useful life at an estimated cost of $150,000. The relevant discount rate is 5% and the useful life is 20 years.
The CFO believes that advances in technologies will cause this estimate to be $50,000 in 20x13 and is interested in knowing what impact this change in estimate will have on the financial statements for the year ending December 31, 20x13. Assume that the discount rate will be 6% in 20x13.
Required - Prepare the journal entries for the year 20x5. In addition, what impact will the change in estimate have on the financial statements for the year ending December 31, 20x13?
Julia owns a gift shop. She starts the year with $50,000 of inventory, How much inventory did Julia purchase during the year
Zeus, Inc. produces a product that has a variable cost of $9 per unit. What is the volume of sales in units required to achieve the target profit
Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Prepare the appropriate journal entries for March
How much money would you need to deposit today a 23.00% annual interest compounded monthly to have $47,734 in the account after 12 years
the mars company applies factory overheads to production by meansof pre-determined rate based on expected actual
Journalize Bulldog's purchase of the stock, receipt of the dividends, and the adjusting entry for the equity loss in Gator Co. stock
bravo baking uses standard costing to analyze its performance.the data below is provided for your use in determining
1.Prepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock assuming the shares have a:
the circumstances in which it is properly used and discuss the accounting merits of its use in lieu of the sales basis
Expected sales are 40,000 units; expected production is 50,000 units; practical (maximum) capacity is 100,000 units. If Tayla Industries uses a normal costing system and a plantwide predetermined overhead rate, the budgeted overhead per unit is:
For Flynn Company, variable costs are 70% of sales, and fixed costs are $190,000. Compute the required sales in dollars
Required - Prepare the appropriate adjusting entry to adjust warranty expense on December 31, 2013. Show calculations
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