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Question 1 - Anchor Klanker Company sold equipment on June 30, 2005 for $70,000. The equipment had cost $100,000 and had $50,000 of accumulated depreciation as of January 1, 2005. Depreciation for the first 6 months of 2005 was $5,000.
Required - Prepare the journal entry to record the sale of the equipment.
Question 2 - Rum Dum and Company originally purchased a dump truck for $66,000. The truck had a 10-year useful life, and the accumulated depreciation was $30,000 when they sold the truck for $25,000.
Required - Prepare the journal entry to record the sale of the truck.
the importance of the engagement files for engagement continuity
Prepare an income statement, statement of stockholders' equity, and classified balance sheet. Create closing journal entries to close all temporary accounts.
Prepare the adjusting entry at December 31, 2012, to record bad debts expense, assuming that the aging schedule indicates that $10,200 of accounts receivable will be uncollectible.
extracts from lsquobbc news website 14th february 2012former college business lecturer james brennan had fallen out of
The Pita Pit borrowed $202,000 on November 1, 2018, and signed a six-month note bearing interest at 12%. Principal and interest are payable in full at maturity on May 1, 2019. In connection with this note, The Pita Pit should report interest expense ..
The current LIBOR rate is 10% per annum for all maturities. The 3-month LIBOR rate 1 months ago was 8% per annum. All rates are compounded quarterly. Use quarterly compounding. Illustrate what is the value of the swap to this financial institution?
Compute the acquisition cost of the equipment. Clearly identify each element of cost
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On December 31, Hack reported a net loss of $6 million for the year. What amount of loss should Sox report on its income statement for 2011 relative to its investment in Hack?
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For federal tax purposes, royalty income that is not derived in the ordinary course of a business is classified as:
Fenton Company applied FIFO to its inventory and got the following results for its ending inventory.
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