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Equipment was acquired at the beginning of the year at a cost of $91,000. The equipment was depreciated using the straight-line method based upon an estimated useful life of nine years and an estimated residual value of $10,000.
a. What was the depreciation for the first year?
b. Assuming the equipment was sold at the end of the second year for $78,000, determine the gain or loss on sale of the equipment.
c. Journalize the entry to record the sale.
What does the term noncontrolling interest mean? Where should the noncontrolling interests claims be reported in a consolidated set of financial statements?
Jerry's assistant Jan Kramer, suggests that they can still meet their deadline if they use "direct conversion" rather than "parallel conversion". Assuming that you are CIO of the company, how would you react to Jan's suggestion? Discuss.
vitko corporation makes automotive engines. for most current month budgeted production was 6000 engines. the standard
Brittany received $45,000 of salary from her employer during the year. Brittany reports $3,000 of itemized deductions. Evaluate the Brittany's taxable income?
Chipco paid $15 million of foreign taxes on its foreign-source manufacturing profits and $2 million of foreign taxes on its foreign- source passive investment income. Assume that the U.S. tax rate is 35%. Calculate Chipco’s total foreign tax credit..
Compute the same items as in (a), assuming that the settlement rate is now 7% and the expected rate of return is 10%.
Assess the ethical considerations for information privacy
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Determine the ending inventory and cost-of-goods-sold amounts for the March financial statements under (a) average cost, (b) FIFO cost, and (c) LIFO cost.
midwest corp completed the following transactions in 2012 the first year of operation.1. issued 20000 shares of 10 par
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At the beginning of 2007, a decision was made to change to the straight-line method of depreciation for this machine. Assuming a 30% tax rate, the cumulative effect of this accounting change, net of tax is?
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