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Apex Chemicals Company acquires a delivery truck at a cost of $31,000 on January 1, 2012. The truck is expected to have a salvage value of $4,000 at the end of its 5-year useful life. Compute annual
On January 2, 2010, Lake Mining Co.'s board of directors declared a cash dividend of $400,000 to stockholders of record on January 18, 2010, payable on February 10, 2010. The dividend is permissible
The net income for the year ended December 31, 2013, was $3,000,000. Assuming the income tax rate was 30%, what should be the diluted earnings per share for the year ended December 31, 2013, rounded
The amortization of the bond discount __________ the carrying value of the bond, while the amortization of the bond premium __________ the carrying value of the bond.
Retained earnings are often appropriated while the bonds are outstanding. Which of the following is a reason for the appropriation?
Jones' billing rate for this type of engagement is $500 per hour, the market rate for such services in his city, plus out- of- pocket expenses (e. g., auto mileage, computer charges). How much of Jo
In 2010, Bluebird Corporation had net income from operations of $80,000 and operating expenses of 30,000. Further, Bluebird recognized a long-term capital loss of $20,000, and a short-term capital g
Present the journal entry or entries that McDermott would make to record the business combination with Tippy.
Give the journal entry that Bright recorded for the receipt of assets and issuance of common stock to Pale.
Tim is reimbursed $13,000 under his employer's accountable plan. What are his deductions for and from AGI?
On January 1, 2012, Jennings Company purchased at par 10% bonds having a maturity value of $300,000. They are dated January 1, 2012, and mature January 1, 2017, with interest receivable December 31
If accounts payable have increased during a period:
The beginning balance of Accounts Receivable on April 1 is $300,000. Prepare a schedule of budgeted cash receipts for April, May, and June.
At the 80% capacity level, the total budgeted cost includes $40,000 fixed overhead cost and $280,000 variable overhead cost. In the current month, the company incurred $340,000 actual overhead and 3
What is the number of shares that should be used in computing diluted earnings per share for the year ended December 31, 2007?
When a flexible budget is used for manufacturing costs, an increase in the production level within the relevant range will:
Consolidated Balance sheets: issues of goodwill and differential in the process.
Whicher Corporation had three products in its ending inventory at December 31, 2007. Whicher Corporation considers a profit margin of 15%
Determine the cost of work in process , finished goods, and cost of goods sold AFTER allocation of the underapplied or overapplied overhead for the period.
Donna files head of house for 2011. She has taxable income of $90,000, including the sale of a stock held as an investment for two years at a gain of $20,000. Only one asset was sold during the yea
What is the theoretical rationale for accounting for normal spoilage and rework differently from abnormal spoilage and rework? Be specific. As a hint, think about how GAAP says we should calculate t
What is the general business credit allowed for the year assuming that a business has earned a general business credit of $40,000 and the tax liability before any general business credit is $37,000
Justin and Tiffany form the equal TJ Partnership. Justin contributes cash of $300,000. Tiffany contributes property with an adjusted basis of $200,000 and a fair market value of $300,000.
Determine Tiffany's basis in the land, accounts receivable and TMF partnership after the distribution.
Customers purchased $11,000 of instruments paying cash of $5,900 with the rest being on account. The cost of the instruments sold was $6,500.