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Diaz Company owns a milling machine that cost $250,000 and has accumulated depreciation of $182,000. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following independent situations.
1. The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return.
2. Diaz sold the machine for $35,000 cash.
3. Diaz sold the machine for $68,000 cash.
4. Diaz sold the machine for $80,000 cash.
use the account-classification method of cost estimation to classify each of the following cost as variable fixed or
The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 60,000 shares were originally issued and 5,000 were subsequently reacquired. What is the number of shares outstanding?
Why is corn so frequently used in typical American foods? In what forms does it take when being part of those foods? How does that relate to the modern epidemic on obesity?
Jill Morris is presently leasing a small business computer from Eller Office Equipment Company. The lease requires 10 annual payments of $4,000 at the end of each year and provides the lessor (Eller) with an 8% return on its investment. You may us..
Custom Computers is a company started by two engineering students to assemble and market personal computers to faculty and students. The company operates out of the garage of one of the students' homes. From the following costs of a recent month, ..
a company has inventory of 17 units at a cost of 23 each on june 1. on june 3 it purchased 33 units at 25 each. 22
The problem belongs to Accounting and it discusses about estimate of total fixed costs, contribution margin ratio and break-even point in sales, project net income, etc using high-low method
Repeat requirement 3, except this time assume the unadjusted balance in Kraft's Allowance for Doubtful Accounts at December 31, 2012, was a debit balance of $ 20. If one of Kraft's main customers declared bankruptcy in 2013, what journal entry would ..
Lighthouse, Inc. uses the percentage of credit sales method to record bad debt and estimates the percentage to be 2.5%. What is the adjusting entry to record bad debt on 12/31/10?
to complete the requirements below you will need to obtain whirlpools income statements for 2005 2007 and 2008 and its
For this information, make appropriate assumptions about cost behavior and assume that direct labor costs vary directly with thenumber of units produced. How many units must the company sell inorder to earn a pretax profit of $500,000?
auto parts sells 1200 electric parts per week and then reorders another 1200 parts. if the relevant carrying cost per
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