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Classic Irons, Inc. purchased manufacturing equipment with an expected useful life of five years or 5,000 hours of usage. The equipment was purchased on January 1, 2008 , for $460,000. It is expected to have a salvage value of $60,000 at the end of five years. During 2008, the equipment was used for 1,200 hours. Assume that usage for the next four years will be 1,100 hours, 900 hours, 1,300 hours, and 500 hours, respectively.
a. what is the amount of depreciation expense for each of the five using the straight line method?
b. What is the amount of depreciation expense for each of the five years using the double declining balance method?
c. What is the amount of depreciation expense for each of the five years using the units of production method?
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Calculate the ratios for each of the 3 years - Gross profit to sales
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Show the effects on the financial statements using a horizontal statement model as outlined below. 1 Sold $30,000 in merchandise for cash 2 Paid $5,000 for rent with cash 3 Paid $10,000 in salaries to employees with cash 4 Sold $25,000 in merchandi..
Journalize the entries to record the operations, identifying each entry by letter. Compute the July 31 balances of the inventory accounts. Compute the July 31 balances of the factory overhead accounts.
FICA Tax Payable for 7.5 % of gross pay, credit Employees' income tax Payable for 15 percent of gross pay, and credit salaries payable for the net pay.
Evaluate a master budget for the three-month period ending June 30. Include the given detailed budgets:
The investment has infinite life. With a 10 percent interest rate, Find the present worth of annual disbursements? How do we get this?
State whether or not you agree with preceding statement, and prepare an argument to support the position taken.
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