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Problem - On 31 March 2019 Dixie's business traded-in a machine (a Z-15 model) which it had originally purchased on 1 April 2016 for $19,000. Dixie had depreciated the Z-15 at 10 per cent per annum using the straight-line method. Dixie part-exchanged the Z-15 for a newer model (the Z-18). The vendor's list price for the Z-18 was £32,000 but Dixie only paid £20,000 plus the trade-in in full settlement. What was the profit or loss on the disposal of the Z-15 in Dixie's Income Statement for the financial year to 31 March 2019?
Coffer Co. is analyzing two projects for the future, Assume that only one project can be selected. If the company is using the payback period method and it requirea a payback of three years or less, which project should be selected?
Prepare the stockholders' equity section at year-end using the Blueprint as a guide. Prepare a statement of retained earnings at December 31, 201X.
Which produces an incorrect observation for typical results? The lower the receivables turnover the faster the collection period.
Storybook Cruises reported net income of $2,880 million for the year ended December 31, 2012. Compute Storybook's return on common stockholders' equity for the year ended December 31, 2012. What other ratio would you want to compute to decide whethe..
Specialty Auto Racing Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Specialty Auto Racing Inc. on July 31, the end of the current year: Common Stock, $32par - $8,755,2..
Through a “Type B” reorganization, Golden Corporation acquired 90% of Retriever Co stock by October 2 of the current tax year ending December 31. At the time the 90% was acquired, Retriever Co was worth $800,000 and the Federal long-term tax-exempt r..
Oasis Corp is considering the purchase of a new piece of equipment, which would have an initial cost of $1,000,000 and a 5 year life. There is no salvage value for the equipment. The increase in cash flow each year of the equipment's life would be as..
Draft the appropriate audit opinion provided the subsequent scenarios.
Astro Co. sold 20,100 units of its only product and incurred a $63,560 loss (ignoring taxes) for the current year as shown here. During a planning session for year 2016’s activities, the production manager notes that variable costs can be reduced 40%..
Accounting for merchandise companies. Compare the Multi-step Income Statement and the Single-Step Income Statement. List two accounts used in a merchandising business that are not used in a service business
On Jan 1,2017, What is the weighted average number of common shares for the year? What are the earnings per share of the year
Determine the company degree of operating leverage. and Using the degree of operating leverage, estimate the impact on net income of a 5% increase in sales.
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