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Income from operations for Division B is $150,000, total service department charges are $400,000and operating expenses are $2,266,000. What are the revenues for Division B?
Journalize the following transactions in the accounts of Cecena Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables:
Sauder uses the straight-line method of depreciation for all of its fixed assets. Sauder accordingly accounts for this lease transaction as a capital lease. The minimum lease payments were determin
Pisa, Inc. uses the straight-line method to depreciate similar assets. What is the amount of depreciation expense recorded by Pisa, Inc. in the first year of the asset's life?
Assuming that this lease is properly classified as a capital lease, what is the amount of principal reduction recorded when the second lease payment is made in Year 2?
If the lease were nonrenewable, there was no purchase option, title to the building does not pass to the lessee at termination of the lease and the lease were only for eight years, what type of leas
What is Elaine's net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume Elaine's income from other sources puts her
a decision was made to change to the straight-line method of depreciation for this equipment. what the depreciation expense for 2011 would be ?
Use single-person decision theory and efficient securities market theory to explain why the market price fell.
Second Baptist would start a church school; and Baker would open a car dealership. If you are the financial adviser for the school district, which offer would you prefer? Why?
What amount, if any, of expense should be reflected in Post's quarterly income statement for the three months ended March 31, 2011?
Manchester Foundry produced 45,000 tons of steel in March at a cost of £1,150,000. In April, the foundry produced 35,000 tons at a cost of £950,000. Using only these two data points, det
On January 1, 2008, Knapp Corporation acquired machinery at a cost of $250,000. Knapp adopted the double-declining balance method of depreciation for this machinery and had been recording depreciati
After a meeting with a prospective client, Holly paid for dinner. After dinner, Holly took the prospective client to the theatre. Holly paid $290 for the meal and $250 for the tickets, amounts that
The entire amount of $765,000 was charged to rent expense in 2011. What amount should Goetz have charged to expense for the year ended December 31, 2011?
Graham has accepted an offer to do graduate work in the chemistry department at State University. The chemistry department offered Graham a scholarship that will pay $5,000 toward his tuition, $500
The lease agreement provides for the transfer of title of the asset to the lessee at the end of the lease term. What amount of depreciation expense would the lessee record for the first year of the
Jill currently lives in the suburbs and commutes 25 miles to her office in downtown Freeport. She is considering quitting her current job to look for new employment in the downtown. Which of the fol
Yancey's incremental borrowing rate is 11% per year. Holt Warehouse Co. set the annual rental to insure a 10% rate of return. The implicit rate of the lessor is known by Yancey, Inc.
In it's 2007 annual report, Walmart reported inventory of $33,685 million on January 31, 2007 and $31,910 million on Jan 31, 2006, cost of sales of 264,152 million for fiscal year 2007, and net sale
The minimum lease payments were determined to have a present value of $208,493 at an effective interest rate of 10%.
Compare the minimum contacts test, as it is applied to the bricks-and-mortar activity of businesses, to their cyberspace activity. If you were a small business, seeking to sell to customers located
If Pisa, Inc.'s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by Pisa, Inc.) is 8%, what is the amount recorded for the leased asset at the lease inception?
Jim was in an auto accident this year. Jim paid $2,450 to repair his car after the accident, and his insurance only reimbursed him $400. Jim bought his car several years ago for $15,000. What casual
These repairs will benefit operations for the remainder of the calendar year. How should these expenses be reflected in Vancey's quarterly income statements?