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1.On April 1, 2011, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $48,000, has an eight year useful life, and has no residual value. The company uses the straight line depreciation method for all manufacturing equipment.On January 4, 2013, $12,350 was spent to repair the equipment and to add a feature that increased its operating efficiency. Of the total expenditure, $2,000 represented ordinary repairs and annual maintenance and $10,350 represented the cost of the new feature. In addition to increasing operating efficiency, the total useful life of the equipment was extended to 10 years.Required:Prepare journal entries for the following:1. Depreciation for 2011 and 2012.2. The 2013 expenditure.3. Depreciation for 2013.
the profit margin ratio is widely used. using the companys financial statements that you located last week compute the
The balance sheet at December 31, 2013, for Nevada Harvester Corporation includes the liabilities listed below:
wizard industries purchased 12500 of merchandise on february 1 2012 subject to a trade discount of 9 and with credit
standard manufacturing overhead based on normal monthly volume fixed 302300 divide 20000 units 15.12 variable 100000
Assuming the lawsuit was resolved in February of 2012 (at which time a $200,000 loss was recognized for tax purposes) and that Begal's tax rate is 30 percent for both 2011 and 2012, what amount should Begal report as asset for net deferred income ..
stanley childrens hospital reported an average cost per discharge of 6500 for the quarter with 300 discharges and an
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franco and jason share income and losses in a 21 ratio after allowing for salaries to franco of 15000 and 30000 to
An impairment occurs and is recognized when the owner of the asset no longer expects to be able to generate returns of cash from the asset sufficient to recapture its recorded net book value.
the following standards for variable overhead have been established for a company that makes only one productstandard
What is the purpose of cash forecasting and how does it assist in the smooth functioning of a government?
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