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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.
Assuming that the equipment had been sold for $30,000 cash, prepare the entry for (b) above to record the sale.
A total of 35 percent of this inventory was not sold to outsiders until 2013. In 2012, Bellgrade reported cost of goods of $380,000 while Hansen reported $210,000 What is consolidated cost of goods sold in 2010?
Illustrate what volume was the old break-even and what is the new break-even? In order to make the same profit how many more packages needs to be produced?
Tina is a new client for the firm. Illustrate what tax advice should we provide Tina about her prior and current tax returns concerning her songwriting career?
Prepare an adjusting entry, if necessary, to record the year-end fair values adjusting for the portfolio of short-term investment in available –for-sale securities.
Assume that the company classified the shares of treasury stock as short- term investments in the current asset section of its balance sheet. Is this appropriate? Explain.
he processing run results in a payroll register, employee paychecks and earning statements, and an error summary report, all on magnetic tape. Prepare a system flowchart of the company’s payroll process.
This is the only asset he purchased during the year. Barry did not elect to expense any of the asset under 179, nor did he elect straight-line cost recovery. Barry sold the asset on July 17, 2012. Determine cost recovery deduction for 2012.
Which of the following types of interest cost incurred in connection with the purchase or manufacture of inventory should be capitalized as a product cost?
Business combinations historically have been accounted for as either a purchase or a pooling of interests. Now, with SFAS 141(R), the acquisition method is required. Explain why did FASB change the rules? Did VIEs have a role in that decision?
The estimate for 2011 is subject to year-end adjustment. What amount, if any, of expense should be reflected in Post's quarterly income statement for the three months ended March 31, 2011?
compute the “fair value” of the lease for some reason, but I think that would be a waste of time as we already know that the lease payment each month totals $ 25,000 and we have a three year lease on all the assets.
How much money will there be in an account at the end of eight years, if $20,000 is deposited at 6% compounded monthly?
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