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Question - A certain equipment which cost 50,000 when brand new has a salvage of x pesos and is expected to last for 23,000 hrs. In a period of 5 years. In the year of service it was used for 7,000 hours. If the book value of the equipment is 360,000 at the end of the first year, what is the value of "x".
Required: Prepare a table that indicates the financial disposition of the historical cost of the blue ink purchased in June. (That is, account for the $385.20 blue ink purchase.)
Give the workpaper eliminating entry or entries needed at December 31, 20X6, to remove the effects of the intercompany sale.
Tom transfers land worth $30,000 with a basis $21,000 in exchange for 100% stockworth $24,000 plus $6,000 cash. Determine the corporation basis in the land
Lee itemizes deductions and uses his car for both business and charitable purposes. What is the total amount Lee can deduct for mileage
According to the 2004 Economic Report of the President, "The actual incidence of a tax may have little to do with the legal specification of its incidence." Briefly explain what this statement means and discuss whether you agree with it.
Investment in Rowe Oil Co. Stock (40% of outstanding stock owned for control purposes) 76,500. Compute current ratio, debt ratio, and return on equity
Rogers Co. had a sheet metal cutter that cost $113,000 on January 5, 2010. Calculate the gain or loss to be recognized by Rogers Co
the ambrosia corporations lead accountant shows the following info on jan 1 2012 ambrosia purchased a bottling machine
During a March pay period, Maddy works 47 hours. Prepare the journal entry to record Maddy's pay for the period. Use March 15 for the end of the pay period
Find Web resources that investigate the inherent differences between a company's strategic plan and the financial policy of that same company. Use what you have learned to discuss the following:
In your own words, explain what effect (if any) these intercompany transactions would have on the non-controlling interest
Consolidated statement of retained earnings for December 31 , 20X6 - Prepare Johns consolidated balance sheet - There has been no impairment of goodwill
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