A new electric saw for cutting small pieces of lumber in a furniture manufacturing plant has a cost basis of $ 4,000 and a 10 - year depreciable life. The estimated salvage value of the saw is $ 100 at the end of 10 years. Using the Modified Accelerated Cost Recovery System, compute: A) The depreciation charge in the 3rd year B) The book value after 3 years

Q: Given below are the transactions related to Abdullah Enterprises for the month of March 2019. Date M...

A: The financial statements of the business include the income statement and balance sheet of the firm....

Q: Tax amnesty allows absolute forgiveness to give tax evaders a chance to reform with a clean slate.

A: Tax amnesty is the option given to taxpayers to clear their prior period dues or debts to government...

Q: A xerox machine cost of P120,000 after making 800,000 photo copies the trade-in value of the xerox m...

A: Depreciation is the method of accounting used to allocate the value of assets over its life. there c...

Q: A high-definition TV costs a company $3,100 to manufacture, If it sells for $6,742, what is the perc...

A: Solution: Markup is the difference between the selling price of a good or service and cost. It is ge...

Q: Boe Corporation's stockholders' equity at December 31, 2008 was as follows: 6% noncumulative prefere...

A: Book Value per ordinary share = (Ordinary Share Capital + Retained Earnings)/ Number of Ordinary Sha...

Q: The following income statement and selected balance sheet account data are available for Treece, Ic....

A: The statement of cash flows generated using the indirect approach adjusts net income for changes in ...

Q: On July 1, 2021, Gupta Corporation bought 25% of the outstanding common stock of VB Company for $135...

A: Acquisition of shares of one company by another needs to be recorded in the books of accounts as inv...

Q: Greek Manufacturing Company produces and sells a line of product that are sold usually all year roun...

A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since th...

Q: ABC Company (ABC), a manufacturer of hybrid engine vehicles, had pretax financial income of P30 bill...

A: Solution: Taxable income is the income on which tax is payable. It is different from financial incom...

Q: Shane wants to invest money in a 4% CD that compounds semiannually. Shane would like the account to ...

A: n = 4*2 n = 8   i = 4%/2 i = 2%

Q: A. Management has developed a new inventory management system that it projects will reduce company i...

A: The cash would be increased if the inventory would be decreased and accounts payable would be increa...

Q: Niosoki Auto Parts sells new parts for foreign automobiles to auto dealers. Company policy requires ...

A: Given That : Last shipment made for fiscal year ended  on 31 august 2016 was recorded on document 21...

Q: Management of the Toys R4U Company needs to decide whether to introduce a certain new novelty toy fo...

A: Note: “As the question has more than 3 sub-parts, the first 3 subparts are answered. If you want the...

Q: Given below are the transactions related to Abdullah Enterprises for the month of March 2019. Date M...

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

Q: Ending Beginning Production Sales Inventory Inventory

A: In this question we have to calculate number of units 

Q: Monica wants to sell her share of an investment to Barney for $58,000 in three years. If money is wo...

A:  Present value formula is: PV = FV / (1 + r / n)nt Where, PV = Present value FV = Future value r = ...

Q: A copier machine cost P90,000. After making 600,000 copies the trade-in value of the copier would be...

A: The question is based on the concept of Depreciation Accounting. Depreciation is the decrease in the...

Q: S1 Bond investments classified and accounted for as financial asset at amortized cost are recognized...

A:

Q: An amount P20,000 is place in an investment for 10 years. How much is the sum of the investment afte...

A: Investment (PV) = P20,000 Interest rate (r) = 7% Period (t) = 10 Years e = 2.71828182845904523536028...

Q: Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has...

A:

Q: In order to calculate the consolidated net income, shouldn't it be: (operating income of purple + ne...

A: Consolidated net income- The consolidated net income is the bottom amount of all these companies add...

Q: Explain the relationship between dividends and earnings and profits. (pick one answer)         Quest...

A: The relationship between dividends and earnings and profit is very complicated. Generally higher div...

Q: This refers to the process of taxation to determine the amount of tax based on existing tax laws.

A: Answer: b. Imposition

Q: On July 1, 2021, Swifty Satellites Corporation issued $1,400,000 of 10-year, 9% bonds to yield a mar...

A: The question is based on the concept of Financial Accounting.

Q: Engr. Dimaamin bought a concrete mixer costing P2,000,000 with a down payment of P600,000. He paid P...

A: Here it is pertinent to note that the present value of all the payments made in order to purchase th...

Q: A machine with a cost of $144,000, accumulated depreciation of $92,000, and current year depreciatio...

A: Solution: Cash flow from investing activities of cash flow statement shows the cash generated or spe...

Q: FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1 GOMEZ HAPPY TOUR AND TRAVEL The following tra...

A: The journal entries are prepared to keep the record of day to day transactions of the business. 

Q: The following bank statement was received by Sensi from Metrobank. Date Checks Deposits Balance Dec....

A: The bank reconciliation statement is prepared to record and equate the balances of cash book and pas...

Q: Find the semi-annual payment of a P15,000 debt to be amorlized by 5 equal payments at the end of eac...

A:  Solution:- Given, Loan amount = PV = P15,000 Number of payments = n = 5  Interest rate = i = 15%/2 ...

Q: A corporation sold 13,500 shares of its $10 par value common stock at a cash price of $14 per share....

A: When shares are sold by a corporation in excess of par, cash is received and an increase in cash is ...

Q: Ivanhoe Leasing Company agrees to lease equipment to Shamrock Corporation on January 1, 2020. The fo...

A: Given than : Lease term =7 yearsEconomic life =9 years Fair value =$ 657,000Guaranteed residual valu...

Q: Consider a project with inflows of $20,000 and outflows of $13,000. If the tax rate is 33%, and if t...

A: Depreciation  The purpose of calculating the depreciation which is known the factors how much amount...

Q: Financial Accounting and Reporting, Advanced Financial Accounting and Reporting, Management Accounti...

A: The duties of a controller include assisting with the preparation of the operating budget, overseein...

Q: L819.200 LE19.200 The following additional information is given: i. Stock at 31/12/2014 GH¢84,000 Ca...

A: Income Statement The purpose of preparing the income statement is to know the net income which are d...

Q: The minimum transfer price for a selling division with excess capacity to accommodate the transfer o...

A:     The lower limit is the lowest price that the buyer can negotiate. The transfer price shoul...

Q: QS 6-5 Perpetual: Inventory costing with LIFO LO P1 A company reports the following beginning invent...

A: Lets understand the basics. In FIFO basis company assumes that, goods purchased first in the invento...

Q: Determine the fixed cost given the following information: Lowest level of activity – 200 units at a...

A: Answer) Calculation of Total fixed cost Using high-low method Fixed cost = Highest Activity total co...

Q: Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets ...

A: Debt to equity ratio = Total liabilities / Total equity where, Total liabilities = Accounts payable ...

Q: Torikatsu Company purchased a machine for P 100,000; current accumulated depreciation totals P 40,00...

A: Sunk Costs are costs that are have already been incurred (i.e., Historical Cost). These costs does n...

Q: A building has a salvage value of P1,000,000O at the end of its useful life of 50 years. The straigh...

A:  Depreciation as per straight line method = (Cost - salvage value) /useful life  

Q: An inventory of supplies showed $1,000 were used up. 2. There was $600 of depreciation on Furniture...

A: The financial statements of the business include the income statement and balance of the firm which ...

Q: If accounts receivable is projected to be $800,000 at the beginning of the next operating year and $...

A: The balance of sales made by an entity which is not received in cash or any or its equivalents is sh...

Q: Complete the general ledger accounts to calculate cash received from the sale of furniture. Furnitur...

A: Depreciation is an Gradual decrease in the value of assets over the period of time due to its usage ...

Q: owing information applles the questions displayed be Trey has two dependents, his daughters, ages 14...

A: In this question, we have to calculate the amount of child tax 

Q: vestments. The purchase-order lead time is 2.5 weeks. Snacku ompany sells 125 lens per week. The fol...

A: Economic Order Quantity is the quantity that minimizes the holding cost and ordering cost. It is the...

Q: Tollowing inrormation, prepare a general journal entry to

A:                                        In Payroll accounting we debit the total amount payable as sa...

Q: A machine costing P480,000 is estimated to have a salvage value of 10% of the first cost when retire...

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...

Q: We are considering the purchase of a $560,000 computed based inventory management system. It is in c...

A: Business organizations are required to charge the depreciation expense so that the assets are shown ...

Q: A company's board of directors votes to declare a cash dividend of $1.55 per share of common stock. ...

A: The dividend is the part of profit that can be either of current year or prior year accumulated prof...

Q: Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's produ...

A: Solution: Raw material Inventory Event Debit Event Credit a $2,20,000.00 b $1,51,500.00    ...