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Acme Corp. bought a machine for $350,000 cash on August 1, 2012. It is expected to last for 10 years with a residual value of $35,000. A new base costing $20,000 was installed at the time of acquisition. Acme Corp's year end is December 31st. Requirement #1 - Using the double declining balance method and fractional year monthly amortization, answer the following questions: What is the Depreciation expense in year 2012: What is the Depreciation expense in year 2013: Requirement #2 - Using the straight line method and half year amortization for the year of acquisition and disposal, answer the following questions: What is the Depreciation expense in year 2012: What is the Depreciation expense in year 2013: Requirement #3 - Using the information from Requirment 2, prepare the journal entry to record the disposition of the asset for $250,000 cash on February 25, 2014.
russell company has the following projected account balances for june 30 20x2accounts payable40000sales800000accounts
Which of the following accounting treatments is proper for a change in reporting entity?
Maso Company recorded journal entries for the issuance of common stock for $80,000, the payment of $26,000 on accounts payable, and the payment of salaries expense of $42,000. What net effect do these entries have on owners' equity (an amount, de..
In 2010, he made six payments. How do the transactions in the divorce agreement affect Arnold's and Barbara's taxable income.
Prepare an incremental analysis for the special order. Should Pro Sports Inc. accept the special order? Explain your answer.
the malamura company deposits all receipts in the bank and makes all payments by check. on november 30 its cash account
Looking to your neighborhood and businesses that you frequent, identify three different businesses and then state whether they would benefit most from the FIFO, LIFO or Weighted Average approach to accounting for their inventories. State a reason ..
1. crystal products allows customers to use bank credit cards to charge purchases. the bank used by crystal products
Following is a list of events that occur throughout an audit examination. Indicate, using the correct letter, the time period during which these events are most likely to occur. An event may occur in more than one time period.
During January and February of the current year, Big Bang LLC incurs $3,000 in travel, feasibility studies, and legal expenses to investigate the feasibility of opening a new entertainment gallery in one of the new suburban malls in town. Big ..
Accounting problems, Draw a detailed timeline incorporating the dividends, calculate the exact Payback Period b) the discounted Payback Period. the IRR, the NPV, the Profitability Index.
How much goodwill did World Media purchase as part of the acquisition of The Dandy Dime?
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