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Prepare the December 31 entry for Vera Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $2,250.
Assuming the company uses the specific interest method, Calculate the amount of interest capitalized for the year. (Round the Weighted-average rate to two decimal places (e.g. 12.34%) for calculatio
Woodcross LLC had the following events occur during the month of July: Prepare the nine journal entries.
The cash selling price of the equipment is $5,174,552, which is equal to the present value of the lease payments at 8%. Marshall purchased the equipment for $4,300,000. For 2008, Marshall should rep
Did the accountant record the transaction correctly? Why would the Board of Directors want to show the gain? Are there any ethical issues involved? What is the correct journal entry for the sale of
Beranek Corp. has $410,000 of assets, and it uses no debt-it is financed only with common equity. The new CFO wants to employ enough debt to bring the debt/assets ratio to 40%, using the proceeds fr
What amount, if any, of expense should be reflected in Post's quarterly income statement for the three months ended March 31, 2011?
Assuming the present value of an annuity due of 1 for 6 years at 10 percent is 4.7908 and the present value of an annuity due of 1 for 6 years at 12 percent is 4.6048, what is the lease liability th
An enterprise fund of Grist was billed $10,000 for using the services of an internal service fund's data processing center. What account should Grist's enterprise fund debit to record this billing ?
If a review of the accounting records determined that $86,000 of goods were still in production at year-end, Hamilton should make a journal entry on December 31 that includes:
In fact, two of the directors are strongly opposed to the change. Identify the key arguments for the new strategy and the key arguments against the new strategy.
Does Carol have any income as a result of the scholarship? If yes, how much is her income and in what years would it be included in gross income?
What is the cost of the raw materials requisitioned in June for each of the three jobs?
Margaret, age 65, and John, age 62, are married with a 23-year old daughter who lives in their home. They provide over half of their daughter's support, and their daughter earned $3,900 this year fr
Penguin Ice Inc. was formed on June 30, 2003, through the merger of Penguin Corp. and Ice Inc. Penguin Ice
What was the amount of the change in total stockholders' equity during the year?
(a) compute average number of shares outstanding for 2013. (b) Compute the basic earnings per share for 2013. (Round to the nearest penny.)
You deposit $1,000 today in a savings account that pays 3.5% interest, compounded annually. How much will your account be worth at the end of 25 years?
Jordan and Paul a married couple have taxable income of $46,075 which is taxed as follows:what is Their marginal tax rate ?
On March 1, 2010, Freeze Company hires a new employee who will start to work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or wh
How a company can use intercompany transactions to manipulate corporate earnings. Evaluate how the company has treated its intercompany transactions and whether or not you agree with this treatment. E
Variable costs for Foley, Inc. are 25% of sales. Its selling price is $80 per unit. If Foley sells one unit more than break-even units, how much will profit increase?