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Please help me with my accounting homework, Journalize the following transactions for Fort Corp for manufacturing cost accumulated during the month of May – use 5/31 as the transaction date: a. Purchased raw materials on account, $85,000. b. Factory labor costs incurred were $150,000 of which $120,000 pertained to factory wages payable and $30,000 pertained to employer payroll taxes payable. c. Overhead costs incurred on account were $168,000. Thank you SO much!!!
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TABLE 10-12 on jan 1, 20X5, Lunsford Equipment Company purchased a new computerized security system for $130,000. They expect to use the system for 5 years, after which it can be sold for 6,500. 1. refer to the table. what is the book value of the equipment on Dec 31 20X6, if Lunsford uses the straight-line method of depreciation? a. 105,300 b. 80,600 c. 74,100 d. 49,400 2. If lunsford uses the double declining balance method of depr., what is the depr expense for 20X6? a. 29,640 b. 31,200 c. 52,000 d. 83,200 3. assume that the lunsford co. uses straight line depreciation. after recording two full yrs of depreciation, they decide the system will last a total of six years, rather than five. residual value at the end of the six years will be $8000. what is 20X7 depreciation expense? a.$16,525 b.18,150 c.24,200 d.20,150
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1-D 2- False 3- True 4- True 5- False 6-c 7-d 8-b 9-b 10-a 11-c 12-b 13-a 14-d 15-True 16-False
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7. On January 1, 2005 Daugherty Company purchased a truck that cost $34,000. The truck had an expected useful life of 5 years and a $4,000 salvage value. Based on this information alone: a.The amount of depreciation expense recognized in 2008 would be greater if Daugherty depreciates the asset under the straight-line method than if the double declining balance method is used. b.The total amount of depreciation expense recognized over the five year useful life will be greater under the double declining balance method than the straight-line method. c.At the end of 2008, the amount in accumulated depreciation account will be less if the double declining balance method is used than it would be if the straight-line method is used. d.None of the above statements is true.
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im currently have problems with it this is the problem: The following data regarding its common stock were reported by a corporation: Authorized shares 20,000 issued shares 12,000 outstanding shares 2,400
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Millar, Inc., purchased a truck to use for deliveries and is attempting to determine how much depreciation expense would be recognized under three different methods. The truck cost $20,000 and is expected to have a value of $4,000 at the end of its five-year life. The truck is expected to be used at the rate of 10,000 miles in the first year, 20,000 miles in the second and third years, and 15,000 miles in the fourth and fifth years. a. Determine the amount of depreciation expense that will be recognized under each of the following depreciation methods in the first and second years of the truck's useful life. A full year's depreciation will be recognized in the first year the truck is used. 1. Units-of-output (based on miles). 1st year- $? & 2nd year- $? b. Prepare the plant assets section of the balance sheet at the end of the second year of the asset's useful life under the double-declining-balance method, assuming the truck is the only plant asset owned by Millar, Inc. ?