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Three different companies each purchased a machine on January 1, 2008, for $42,000. Each machine was expected to last five years or 200,000 hours. Salvage value was estimated to be $2,000. All three machines were operated for 50,000 hours in 2008, 55,000 hours in 2009, 40,000 hours in 2010, 44,000 hours in 2011, and 31,000 hours in 2012. Each of the three companies earned $30,000 of cash revenue during each of the five years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation.Calculate the Retained earnings for the following companies for the year 2011? (Round your answers to nearest dollar amount. Omit the "tiny_mce_markerquot; sign in your response.)
Partners share income in the ratio of 3:1. Capital balances are 40,000 and 60,000 respectively.Income summary has a balance of 20,000. what is capital balance after closing income summary to Capital
umanzor corporation uses activity-based costing to assign overhead costs to products. overhead costs have already been
An employee received a paycheck from her employer in the amount of $776.35. The pay-check stub indicated that in calculating her $776.35 net pay, $139.75 had been withheld for federal income tax, $34.25 for state income tax, and $74. 65 for FICA. ..
ryans operations are divided into metal casting and metal finishing. the casting department uses a departmental
Using the information outlined above, what is the valueof the ending inventory for a perpetual inventory system using the weighted average inventory valuation?
what is the revenue recognition principle? what is the expense recognition principle? why are they important to
An estimated salvagevalue of $75,000. Compute the depreciation expense for the firstthree years using the double-declining-balance method.
Albert is in the 35% marginal tax bracket. He sold a building in the current year for $450,000. Albert received $110,000 cash at closing, the buyer assumed Albert's mortgage for 120,000, and the buyer gave Albert a 6% note for $220,000 due in two ..
Prepare a schedule for the cost of goods manufactured for 2011 and revenues for 2011 were $600 million. Prepare the income statement for2011.
the rialto theatre purchased a new projector costing 37000 on january 1 2010. because of changing technologies the
ken sold a rental property for 858000. he received 182000 in the current year and 169000 each year for the next four
A loss contingency shoulf be accrued in a company's financial statements only if the likelihood that a liability has been incurred is:
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