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Question: 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 to record the sale.
Internal control is a plan of organization and system of procedures implemented by company _____ and the _____ designed to accomplish five objectives.The two most common types of fraud impacting financial statements are
Complete the below table to determine the ending inventory and cost of goods sold for 2016. (Do not round your intermediate calculations
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on januray 5 2014 elizabeth company received a charter granting the right to issue 100000 shares of 10 par value common
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Most of Grinkov's sales are made on a 2-year installment basis. Indicate how these accounts would be reported in Grinkov's December 31, 2014, balance sheet.
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