What is the carrying value of the machine at the end
GreenGrass Company purchased a master mulching machine for $240,000 with a 5 year life and a $15,000 salvage value. GreenGrass uses straight-line depreciation. What is the carrying value of the machine at the end of two years.?
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Bard Manufacturing uses a job order cost accounting system. During one month Bard purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect.
Maziar rebuilt his welding machine with an original cost of $12,000 (no salvage expected) on the first day of the fifth year of a six year estimated life.
Jackson Company wants to sell a building that is no longer needed and consolidate some of their facilities. They paid $340,000 for the building in 2002 and the current carrying value is $300,000.
A company uses the FIFO method for inventory costing. During a period, a production department had 20,000 units in beginning goods in process inventory which were 40% complete; the department completed and transferred 165,000 units.
GreenGrass Company purchased a master mulching machine for $240,000 with a 5 year life and a $15,000 salvage value. GreenGrass uses straight-line depreciation.
Wallace Corporation issued 3,000 shares of $10 par value common stock in exchange for a giant water slide valued at $92,500. Since all company stock is privately held, there is no market value for the stock.
Joshua Thorp opened Laser Co. on January 1, 2011. At the end of the first year, the business needed additional funds. On behalf of Laser, Joshua applied to Vermont National Bank for a loan of $500,000.
A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales. If the sales tax rate is 5% and the balance in the Sales Revenue account amounted to $525,000.
Assume that you deposited $100,000 in a savings account paying an interest of 12% per year, compounded monthly. You wish to withdraw $3000 at the end of each quarter.
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