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Computer equipment (office equipment) purchased 6 1/2 years ago for $170,000, with an estimated life of 8 years and a residual value of $10,000, is now sold for $60,000 cash. (Appropriate entries for depreciation had been made for the first six years of use.) Journalize the following entries:
(a) Record the depreciation for the one-half year prior to the sale, using the straight-line method.
(b) Record the sale of the equipment.
(c) Assuming that the equipment had been sold for $25,000 cash, prepare the entry for (b) above to record the sale.
Provide for a general definition of the income statement, its purpose as well as its relation to the Balance Sheet and Cash Flow statements
Purchases land having a fair value of $336,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $592,147.
In the current year, Company C lost $100,000. How should the parties report the above arrangements in its consolidated financial statements?
What is the budgeted variable overhead cost rate per output unit? What is the flexible-budget amount for variable manufacturing overhead? What is the flexible-budget variance for variable manufacturing overhead?
Al is a medical doctor who conducts his practice as a sole proprietor. During 2011, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in 2010.
Is everything that is being expressed by Ekstrom and the Belgium management above board? What are the respective hidden agendas that can be anticipated for each party, and in what way do they coincide? In what way can they be expected to diverge?
compute the inventorial costs for the year.
Compute the amount of income from the partnership which Potter should report for his tax year ended December 31, 2012.
The character of any income or loss will be ordinary if the contributed property is sold by the partnership within five years after the date of contribution regardless of the character of the asset in the hands of the partnership.
What amount of dividend income does Ted report as a result of the distribution and what is Ted's income tax basis in the land received from Sherburne?
Your colleague is infatuated with a woman whom you know to be promiscuous. Since this colleague is also a close friend, you are concerned about his/her welfare.
Discuss the potential risks of adopting lean production. Does its application depend on company culture and business condition?
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