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An equipment was bought at a price of $1 800 000 with a salvage value of $400 000 at the end of its life of five years.
Problem 1) Determine the annual rate of depreciation.
Problem 2) Assume that at the end of the third year, the equipment was sold at the price of $750 000. Show in the general journal the record of sale and an entry recognizing the expense of the machine sold.
During your audit, the controller approaches you about a problem with missing invoices. He thinks that these missing invoices were never recorded in the system, which results in the accompanying receivables not being recorded either. He reads the mon..
Gwinnett Barbecue Sauce Corporation manufactures a specialty barbecue sauce. Gwinnett has the capacity to manufacture and sell 12,500 cases of sauce each year but is currently only manufacturing and selling 11,000.
There were no dividends declared in 2009. The board of directors declares and pays a $90,000 dividend in 2010 and in 2011. Illustrate what is the amount of dividends received by the common stockholders in 2011?
Behar Company makes three types of stainless steel frying pans. Each of the three types of pans requires use of a special machine that has total operating capacity of 163,200 hours per year. The marketing manager has determined that the company can s..
Dividing Partnership Income. Determine their participation in the year's net income of $324,000 under each of the following independent assumptions: No agreement concerning division of net income.
Determine the amount of the late filing and late payment penalties that apply for the following taxpayers.
On January 1, 2018, Water World issues $24.2 million of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. Water World intends to use the funds to build the world’s largest water avalanche and the “tor..
Explain the effects of the Sarbanes-Oxley Act of 2002 on internal controls. Summarize strengths and weaknesses of an internal control system. What recommendations would you suggest to create improvements to internal control systems?
Does ratcheting in Accounting budget mean automatically raising the goals or prices without considering changes to the business or economy?
Calculate this company's profit margin, total asset turnover, and return on total assets for 2009 and 2010. Comment on the results.
Compute the same items as in (a), assuming that the settlement rate is now 7% and the expected rate of return is 10%.
Compute the degree of operating leverage before and after the purchase of the new equipment and interpret your results
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