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Prepare the journal entries to record the sale of the truck on March 3, 2018 for $8,000 cash, including 2018 depreciation expense.
On December 31, 2017, the value of the patents was estimated to be $80,000. The machinery was sold on December 2, 2018 for $100,000.
Janz Corporation purchased a piece of machinery on January 1, 2015. The company's year-end is December 31.
On January 1, 2019, the company traded in the original equipment for new equipment. The company paid and additional $140,000 cash for the new equipment.
Calculate the total depreciation for the five-year period 2016-2020, under the straight-line and double-declining balance methods.
Calculate the depreciation expense and the carrying amount at year-end for the three-year period under each of these depreciation methods: straight-line.
On January 1, 2017 Fox Creek revised the estimated useful life of the machine from a total of three years to a total of five years.
Assume the company calculates depreciation expense based on kilometres driven. The estimated total usage was 800,000 kms.
The purchase price of machine 2 was $8,000 and Bruce Corp. received a trade-in allowance of $4,500.
Your friend is concerned that the calculation of depreciation and amortization relies too much on the use of estimates.
Ekman management asks you whether the straight-line or doubledeclining balance method of depreciation would be most appropriate for the printer.
Why would the developer give up an asset with a fair value of $240,000 in exchange for an asset with a fair value of only $200,000?
What American Manganese does is to recycle car batteries in which they get 100% raw material of lithium ion, cobalt, nickel and Manganese.
Also use an example to explain to her the importance of cost estimation. Mickelle is very good at math so she will be interested in the accuracy of visual.
Write a comparative analysis of the articles noting the similarities and differences.
The 2015 ending inventory was overstated by $2,000 during the physical count and the accounting records were adjusted accordingly.
Would more income tax be payable under FIFO method in a period of rising prices? Explain why.
Which method of inventory valuation matches revenues more closely with costs in this company under current conditions? Why?
Opening inventory at January 1 amounted to 4,000 units at $11.90 per unit for Product A, 5,000 units at $9.54 per unit for Product B, and 6,000 units at $14.71
Assume that income taxes expense is calculated at 50 per cent of income before income taxes. Would more income taxes be payable under the FIFO or weighted.
What is the effect of each application of LCNRV on the gross profit in the current year?
Meyer's Men's Shop Corp. takes a year-end physical inventory at marked selling prices and reduces the total to a cost basis for year-end statement purposes.
In 2019, the company sold its entire inventory. As in the three prior years, 2019 sales were $100,000, inventory purchases were $80,000.
By December 31, 190 of the units had been sold by MegaPixel. Assume the company uses the periodic inventory system.
Calculate the cost of goods sold and ending inventory for each of specific identification, FIFO, and weighted average inventory methods.