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Question - Calculate Depreciation for Year 1 using units of production activity based depreciation. 80 delivery vans were purchased at a cost of $50,000 each. Each delivery van is estimated to be driven a total of 80,000 miles and then be sold for an estimated $10,000. In Year 1 the vans were driven 1,500,000 miles.
Jim's Wholesale Foods had temporary differences related to the following future (deductible) or taxable amounts on December 31, 2020: a) Prepaid Expenses $15,000 b) Depreciation Expense $80,000 and c) Warranty Expense ($22,000). There were no temporary differences on January 1, 2021. Taxable income was $20,000; Jim's had $100,000 of pretax accounting income. The tax rate is 35%. Prepare the journal entry to record income taxes for 2020.
ABC Co. sponsors a defined benefit pension plan, providing the following info: Prepare the journal entry to record pension expense and plan contributions
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Write a one-page memorandum to him explaining why a difference is bad debts expense and the allowance for doubtful accounts is not unusual. The company estimates bad debts expense as 2% of sales.
A company has a standard of 2 hours of direct labor per unit produced and $18 per hour for the labor rate. During last period, the company used 9,500 hours of direct labor at a $152,000 total cost to produce 4,000 units. Compute the direct labor r..
The weekly prices of one brand of frozen pizza over a three-year period in Dallas are provided in the data file. Use the price data to answer the following questions.
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The Trial Balance of Lester Co. at the end of its fiscal year, August 31, 2032, Create a Cost of Goods Sold section for the year ended August 31, 2032.
a company declared a 0.55 per share cash dividend. the company has 200000 shares authorized 190000 shares issued and
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