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1. Crowe Company purchased a heavy-duty truck on July 1, 2007, for $30,000. It was estimated that it would have a useful life of 10 years and then would have a trade-in value of $6,000. The company uses the straight-line method. It was traded on August 1, 2011, for a similar truck costing $42,000; $16,000 was allowed as trade-in value (also fair value) on the old truck and $26,000 was paid in cash. A comparison of expected cash flows for the trucks indicates the exchange lacks commercial substance. What is the entry to record the trade-in?
An industrial group reports that there were approximately 122,000 industrial robots operating in a region last year. The graph shows the percentages of industrial robot units assigned to each of six task categories.
6-38 Weighted-Average MethodGifford, Inc. produces a single model of a popular cell phone in large quantities. A single cell phone moves through two departments, assembly and testing. The manufac- turing costs in the assembly department during Ma..
What are E's contribution margin ratio, gross profit ratio and operating (net) income ratios?
after reflecting on what you have learned and how you have benefited by taking ac300 intermediate accounting i write a
Patrice sells a parcel of land for $50,000 cash and the buyer assumes Patrice's liability of $7,000 on the land. Patrice's basis in the land is $40,000. What is the gain or loss she will recognize on the sale?
company has a joint process which produces three products called a b and c. each product may be sold at split-off or
A bond's expected return is sometimes estimated by its YTM and sometimes by its YTC. Under what conditions would the YTM provide a better estimate, and when would the YTC be better?
Ten annual payments of $55,000 (including executory costs) beginning January 1, 2011, the inception of the lease and each December 31 thereafter through 2019.
Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date.
The appraised value of the land on which the warehouse is located was unchanged. The warehouse (building) was valued on December 31,2014, at $82,600. The useful life and the salvage value of the warehouse (building) were unchanged. The following i..
The risk-free rate of return is 4 percent and the market risk premium is 10 percent. What is the expected rate of return on a stock with a beta of 1.28?
a company assigns overhead cost to completed jobs on the basis of 115 of direct labor cost. the job cost sheet for job
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