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Question - Ganny Inc. traded a piece of machinery from its manufacturing plant to a supplier for raw materials. The raw materials have a fair market value of $10,000. The machinery has an historical cost of $100,000 and accumulated deprecation of $94,000. Provide the journal entries for this transaction.
Which primary purpose of financial accounting is to? Measure business activities and communicate those measures to external users to make decisions
Describe and explain capital budgeting items that may or may not be taxed as part of a capital budget project. The Effect of Income Taxes on Capital Budgeting
Provide the journal entries recorded by P during 2019 on its books if it accounts for its investment in S. prepare consolidated financial statements
Compute What is the break-even point in dollar sales? The variable cost per unit is $21.28, Poseidon Swim has average fixed costs per year of $45,519.
Doug incurred and paid the following expenses during the year Calculate the amount of Doug's deductible expenses
Truitt Corporation issued $400,000 of 33?%, 10-year bonds payable on January 1, 2014. The market interest rate when the bonds were issued was 44%. Interest is paid semiannually on January 1 and July 1. The first interest payment is July 1,2014. Using..
A fashion company advertises a product, claiming that Kim Kardashian uses it. They do not have Kim's permission. What tort has the fashion company committed? Business owners do not have to warn customers about which of the following?
Reasons why ordinary share capital is attractive despite being risky
At the beginning of the year, Lambert Motors issued the three notes described below. Interest is paid at year-end. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1). The company issued a two-year, 10%, $610,000 note in exchange fo..
Alvin Inc. planned and actually manufactured 200,000 units of its single product in 2008, its first year of operations. Variable manufacturing costs were $30 per unit of product. Planned and actual fixed manufacturing costs were $600,000, and marketi..
Determine the depreciation expense, accumulated depreciation and net book value of the machine for the years 2007, 2008, 2009 and 2010.
Prepare a statement of cash flows in proper form for 2006, using the indirect or the direct method and Prepaid expenses pertain to operating expenses; accounts payable pertains to merchan-dise purchases.
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