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The equipment purchased (purchased on january 1, 2003) has the useful life of 12 years with no salvage value. (straight line method used). What is the effect on accounting equation?
Ten years ago J-Bar Company purchased a lathe for $250,000. It was being depreciated on a straight-line basis to an estimated $25,000 salvage value over a 15 year period. The firm is considering selling the old lathe and purchasing a new one.
A corporation's taxable income before the divdends received deduction (DRD) is $40,000. Included in this amount is dividend income of $60,000 from another corporation in which the taxpayer owns 90 percent of its stock outstanding.
A firm leases equipment under a capital lease (analogous to an installment purchase) that calls for 12 semiannual payments of $39,014.40. The first payment is due at the inception of the lease. The annual rate on the lease is 6%. What is the value..
Sage, Inc., a closely held corporation that is not a PSC, has a $140,000 passive loss, $85,000 of active business income, and $35,000 of portfolio income. How much of the passive loss can Sage deduct?
During the first year, McCabe removed 90,000 barrels of oil, which it sold on account for $39 per barrel. Operating expenses totaled $850,000, all paid in cash.
At December 31, balances in Overhead are as follows: Lott Company-debit $1,500, Perez Company-credit $900. Prepare the adjusting entry for each company at December 31, assuming the adjustment is made to cost of goods sold.
Assume Candy Company accounts for accumulated depreciation by eliminating the accumulated depreciation against the gross carrying amount of the asset and restating the net amount to the revalued amount of the asset.
xyz company has the following product costs for its line of product a direct materials 10 direct labor 8 variable
calculating the predetermined overhead rate applying overhead to production reconciling overhead at the end of the year
What is net income (ignoring income taxes) after making any necessary trading security adjustments?
assume that you are the managerial accountant at data store a manufacturer of hard drives cds and diskettes. its
Many people believe that an auditor cannot be truly independent when the client pays the audit fees. Can you think of any possible solutions or approaches that might reduce this apparent lack of independence?
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