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On January 1, 2018 Friendly Farm Company purchased a new machine at a cost of $350,000. The machine has an estimated useful life of 4 years or 100,000 hours and residual value of $30,000. The machine will be used 30,000 hours in year 1, 40,000 hours in year 2, 20,000 hours in year 3 and 10,000 hours in year 4.
Requirements:
How do you create a depreciation schedule using each of the three methods: Straight line, Units of Production and Double Declining Balance?
Can you explain how the uncertainty is related to earnings quality and how the uncertainty can be reduced?
Maggie is a cash method taxpayer. In 2014, Maggie received salary of $88,000 and in mid-December, her employer announced that Maggie would receive an additional year-end bonus of $10,000 in cash and a new TV worth $2,000. Maggie did not receive her b..
calculation of target cost to maintain a target profit rate.a manufacturer is developing a new type of vacuum cleaner
On November 1, Orpheum Company accepted a $10,000, 90-day, 8% note from a customer settle an account. What entry should be made on the November 1 to record the note acceptance?
1.On August 31, 2013, the Silva Company sold merchandise to the Bendix Corporation for $500,000.
This fall Amy and Bob paid $5,000 for their son Josh's tuition and fees at State University (a qualified education institution). They also paid $1,000 for Josh's books. How much of these two payments can Amy and Bob deduct this year, assuming Josh is..
ABC Company manufactures sun protection lotion. The Mixing Department, the first process department, mixes the chemicals required for the repellent. The following data are for the current month: Direct materials are added at the beginning of the proc..
Why do you think the VW stock price reacted in the way it reacted during this period - In your opinion, has VW breached its social contract?
Danville Bottlers is a wholesale beverage company. Danville uses the FIFO inventory method to determine the cost of its ending inventory. Ending inventory quantities are determined by a physical count. Why will bonuses be negatively affected? What is..
A credit entry:
A taxpayer is considering two mutually exclusive alternatives. Alternative A is to hire a tax accountant at a cost of $ 20,000 to research the tax law on a tax avoidance plan. If successful, the plan would save the taxpayer $ 21,000 in taxes.
A company purchases a piece of land for $100,000 on January 1, 2011 and chooses to report the land using the revaluation method allowed under IFRS. Prepare all adjusting journal entries required through 2015.
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