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Ng's Shrimp Company owns a fishing vessel that originally cost $250,000, with a 20-year life, and no anticipated salvage value. Ng uses the straight-line depreciation method. Review the following three independent cases, and prepare the journal entry to reflect the disposition of the boat in each case. Case 1 After 8 years of ownership, the boat was taken by a storm. Case 2 After 12 years of ownership, the boat was sold for $175,000. Case 3 After 15 years of ownership, the boat was sold for $60,000.
During the current year, Garrison Construction trades an old crane that has a book value of $80,000 (original cost $140,000 less accumulated depreciation $60,000) for a new crane from Keillor Manufacturing Co. the new crane cost Keillor $165,000 t..
On October 1, 2013, Caldonia Company paid East Alabama Rentals $4,800 for a 12-month lease on warehouse space.
calculate the true cash balance. lo 1. use the following information to calculate the true reconciled cash balancebank
Khalid Company began business on January 1, 20X1, with assets of $150,000 cash and equities of $150,000 capital stock. In 20X1, it manufactured some inventory at a cost of $60,000 cash.
a company had inventory on november 1 of 5 units at a cost of 20 each. on november 2 they purchased 10 units at 22
You are the assistant accountant with BEST EVER Ltd. Your boss has asked you to preparethe draft Income Statement, Statement of Financial Position and Statement of
being a marketing manager of a pharmaceutical company at domestic scale list down the core competencies of your firm
the local office of tourism sells souvenir calendars. sue the head of the office needs to order these calendars in
at december 31 2012 cascade company had a net deferred tax liability of 500960. an explanation of the items that
Jody Baush is a salaried employee who normally works a 35-hour week and is paid a weekly salary of $735.00. Calculate Jody Baush's gross pay.
phoebes agi for the current year is 120000. included in this agi is 100000 salary and 20000 of interest income. in
for the year ended december 31 2008 general motors corporation reported a loss from operations of 20 billion. the
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