Discuss the double-declining-balance method of depreciation
On January 1, a machine with a useful life of five years and a residual value of $40,000 was purchased for $120,000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation?
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Required: The current year's income tax liability from the tax return is $800,000. Prepare the journal entry to record income taxes for the year. Show well-labeled computations.
Cleary, Wasser, and Nolan formed a partnership on January 1, 2010, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10%.
Stallman Company took a physical inventory on December 31 and determined that goods costing $205,390 were on hand. Not included in the physical count were $30,020 of goods purchased from Pelzer Corporation.
The president of DeAnza-foothill Company is puzzled. During the last year, the company experienced a net loss of $800,000,yet its cash increased $300,000 during the same period of time.Please explain to the president how this could occur.
You have determined that Foothill Corp. depreciates its plant assets over a 40-year life, whereas DeAnza Corp. depreciates its plant assets over a 20-year life.Discuss the implications this has for comparing the results of the two companies?
If the due date of this project is set at 40 weeks, what is the probability that the contractor will have to pay a penalty (i.e., the project will not be finished on schedule)?
Sparks Company received proceeds of $423,000 on 10-year, 8% bonds issued on January 1, 2013. The bonds had a face value of $400,000, pay interest annually on December 31st, and have a call price of 102.
A business owns (purchased) cows. How should the corporation record the cows, are they assets to the corporation ? if so, what type of assets to be classified as ? (i.e. inventory, supplies, fixed asset, investment asset, or other assets?
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