Ryan co purchased a machine
Ryan co purchased a machine on july 1, 2011. the machine cost $250,000 and has a salvage value of $10,000 and a useful life of 8 years. The adjusting entry for year ending dec 31, 2012 would include a debit to depreciation expense of $.
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The Stridewell Company, a manufacturer of shoes, sold all of its retail outlets. It will continue to manufacture and sell its shoes to other retailers.
Emley Company has been using the LIFO method of inventory valuation for 10 years, since it began operations. Its 2012 ending inventory was $60,000.
It is July of 2010, and Thirsty Thelma has just started a new wine delivery business named The Champagne Shuttle in San Diego, California. In addition to purchasing a delivery van.
Pauley Company provides home health care. Pauley charges $35/hour for professional care. Variable costs are $21/hour and fixed costs are $78,000.
Anita, age 12, is claimed as a dependent by her parents. She earned interest income of $1,200 during the year. Does she need to file income tax return for 2011?
Patriot paid dividends of $39,000 during the year. There were no changes in retained earnings for 2011 except dividends and net income. What was Patriots net income for 2011?
During the year, Chester had the following transactions involving capital assets: Gain on the sale of an arrowhead collection (acquired as an investment)
Watches Inc. makes a watch selling for $50 per unit. Operating within its relevant range they have excess capacity to make 200,000 watches. The unit costs for financial statement purposes are $10 for direct materials, $7 for direct labor, $5 f
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