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The management of Petro Garcia Inc. was discussing whether certain equipment should be written off as a charge to current operations because of obsolescence. This equipment has a cost of $ 2,044,800 with depreciation to date of $ 908,800 as of December 31, 2014. On December 31, 2014, management projected its future net cash flows from this equipment to be $ 681,600 and its fair value to be $ 522,560 .The Company intends to use this equipment in the future.
a) Prepare the journal entry (if any) to record the impairment at December 31, 2014
b) At December 31, 2015, the equipment’s fair value increased to $590,720. Prepare the journal entry (if any) to record this increase in fair value.
Oasis Corp is considering the purchase of a new piece of equipment, which would have an initial cost of $1,000,000 and a 5 year life. There is no salvage value for the equipment. The increase in cash flow each year of the equipment's life would be as..
alden co.s monthly cost and sales data for its operating activities of the past year follow. management wants to use
Jones’ billing rate for this type of engagement is $500 per hour, the market rate for such services in his city, plus out- of- pocket expenses. Explain how much of Jones’ fee will the taxpayer recover?
From the trial balance and the information given below, prepare annual adjusting entries and post to the ledger accounts. (Omit explanations.)
Jay pembroke started a buiness. During the first month (April 20--), the following tranactions occured. Show the effect of transaction on the individual accounts of the expanded accounting equation: Assets= Liabilities + Owner's Equity (Capital-Drawi..
As SP6, you prepare the worksheet for this problem. You can use the posted excel worksheet which has been started and shows totals for the debits and credits in the consolidating entries columns. We'll start the problem here so you will have all the ..
he would let you pay for it with four annual installments of $32,000 each, the first one due right now. What is the implied interest rate here.
Computation of net income from given data and Use the following information to calculate the company's accounting net income for the year.
Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales and compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.
What are the required features of the allowance method of accounting for bad debts Evaluate bad debt expense, and purpose the adjusting entry
Under its executive stock option plan, National Corporation granted options on January 1, 2013, that permit executives to purchase 20 million of the company’s $1 par common shares within the next seven years, but not before December 31, 2016 (the ves..
A married taxpayer has taxable income of $47,861. You have calculated tax liability using the tax tables and using the tax rate schedules. What can you say about the two figures?
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