264,000 / 25,000 hrs = $10.56 2650 hrs x 10.56 = $27,984 (d) Sum-of-the-years’-digits. n(n+1) = 10(11) = 55 10/55 x 264,000 x 1/3 = $16,000 9/55 x 264,000 x 2/3 = $28,800 Total = $44,800 (e) Double-declining-balance. 279,000 x 20% x 1/3 = $18,600 [279,000-(279,000x20%)] x 20% x 2/3 = $29,760 Total = $48,360 E11-9 (Composite Depreciation) Presented below is information related to Morrow Manufacturing Corporation. Machine | Cost | Estimated Salvage Value | Estimated Life (in years) | A | $40,500 | $5,500 | 10 | B | 33,600 | 4,800 | 9 | C | 36,000 | 3,600 | 8 | D | 19,000 | 1,500 | 7 | E | 23,500 | 2,500 | 6 | Instructions (a) Compute the rate of depreciation per year to be applied to the machines under the composite method. A: 40,500/10=4050 B: 33,600/9=3733 C: 36,000/8=4500 D: 19,000/7=2714 E: 23,500/6=3916 Total Straight-line depreciation = $18,913 Total Cost = $152,600 Depreciation Rate = 18,913/152,600 = 12.4% (b) Prepare the adjusting entry necessary at the end of the year to record depreciation for the year.
Calculate the amount of employee taxes withheld and prepare the company's journal entry to accrue the January salaries expense and withholding of January taxes. Answer: Salaries Expense | 8,000 | | FICA–Social Security Taxes Payable ($8,000 x .062) | | 496 | FICA–Medicare Taxes Payable ($8,000 x .0145) | | 116 | Employees' Federal Income Taxes Payable ($8,000 x .15) | | 1,200 | Accrued Payroll Payable | | 6,188 | 11. On December 1, 2007 Gates Company borrowed $45,000 cash from FirstBank on a 90-day, 9% note payable. a. Prepare Gate's general journal entry to record the issuance of the note payable.
Stony Brook University 2014 BUS 210 Final Projects Elker Fashions Incorporated & Louda Company Justin Thomas 108684984 Financial Accounting Stony Brook University 2014 BUS 210 Final Projects Elker Fashions Incorporated & Louda Company Justin Thomas 108684984 Financial Accounting | Account Title & Explanation | Debit | Credit | 31-Dec | Depreciation Expense | 12000 | | | Accumulated Depreciation | | 12000 | | (Record Depreciation on Building) | | | | | | | 31-Dec | Depreciation Expense | 10000 | | | Accumulated Depreciation | | 10000 | | (Record Depreciation on Equipment) | | | | | | | 31-Dec | Interest Expense | 9000 | | | Interest Payable | | 9000 | | (Record Accrued
Analysis > Financial Manager > click radio button key balances (see attachment for both months, 2. Unit price was $172.99/1.5 ton pallet Bluestone Flagging, f) On the Business Status Navigation Center > select Calvert listed under the Vendors to pay section > end result is Purchases/Receive Inventory Invoice 89, g) Lists > General Journal List > Standard Income Statement under report (on General Journal List page), g) Reports & Forms > Accounts Receivable > Invoice Register > Invoice
Groetzinger, 480 U.S. 23 (1987). Retrieved September 25, 2010 from http://supreme.justia.com/us/480/23/” “Internal Revenue Code Section 165(d). Retrieved September 25, 2010 from http://www.taxalmanac.org/index.php/Sec._165” “McClanahan v. United States, 292 F2d 630, 631-32 (5th Cir 1961). Retrieved September 25, 2010 from http://www.publications.ojd.state.or.us/TCMD060008D.htm” “Section 62(a)(1). Retrieved September 25, 2010 from http://www.law.cornell.edu/uscode/26/usc_sec_26_00000062----000-.html” “Section 162(a).
Retrieved from http://www.frbsf.org /education/publications/doctor-econ/2005/october/debt-equity-market Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2011). Financial accounting: Tools for business decision making (6th ed.). Hoboken, NJ: John Wiley & Sons. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands) | | | | | | | | | | | September 28, 2013 | | | September 29, 2012 |
Ratio Analysis Memo for Riordan Manufacturing, Inc. By Teri N. Owens University of Phoenix XACC/291 STEVEN GERMAN November 23, 2014 * Liquidity ratios 1. Current ratio $14,524,790 / $2,750,057 = 5.3% 2. Acid-Test $5,605,347 / 2,750,057 = 2.03 3. Receivables turnover 12564004 / 2669824.5 = 4.7 times 4. Inventory turnover 56,534,254 / 8,517,203 = 6.6 * Profitability ratios 5.
Week 1 Assignment Ashford University BUS 640: Managerial Economics Instructor: Marlo Chavarria September 10, 2012 Chapter 1: Applied Problem 1 A) Explicit Cost Total operating costs and expenses $555,000 Interest expenses $45,000 Income taxes $28,000 Net Income $165,000 Total Explicit Costs for 2010 $793,000 Implicit Costs Annual Salary $175,000 15% interest on a $100,000 investment $15,000 Total Implicit Costs for 2010 $190,000 Economic Costs Total Explicit Costs $793,000 Total Implicit Costs $190,000 Total Economic Costs for 2010 $983,000 B) Accounting Profit Revenue $970,000 Operating costs and expenses -$555,000 Interest Expenses -$45,000 Income Taxes -$28,000 Net Income -$165,000 Total Accounting Profit for 2010 $177,000 C) D) Chapter 2: Applied Problems 2 A) In knowing that Florida faces a major freeze in which the price of oranges and quantity of produce will fall below. B) In knowing that new technological development has occurred in which the amount of oranges will increase and the cost of oranges will decrease. If the suppliers can reduce or cut back their supply then it would lead to more sales and increase in supply. So therefore if technology is not made for everyone meaning all suppliers then this could affect these suppliers in their financial and could even lead them to lose their business. C) If the AMA announces that drinking orange juice can reduce the risk of heart attacks then this could cause a huge increase in demands and could also lead an increase in price or price could stay neutral temporarily but the supply would decrease the price later on the line.
$ 7,000 n Equipment e.g. computers, tablets, etc. $ 5,000 $ 500,000 $1,405,000 n n Building Cash + Balance Sheet Assets Cash at Bank Supplies Furniture Equipment Building Liabilities Owner’s Equity Capital 2,000,000 2,000,000 1,405,000 7,000 83,000 5,000 500,000 2,000,000 + General Journal Particulars Cash at Bank G. Soelistio - Capital Building Cash at Bank Furniture Cash at Bank Cartage Cash at Bank 100 100 7,000 7,000 5,000 5,000 Dr 2,000,000 2,000,000 500,000 500,000 83,000 83,000 Cr
28, 2013 | Sep. 29, 2012 | Sep. 24, 2011 | Net sales | $ 170,910 | $ 156,508 | $ 108,249 | Cost of sales | 106,606 | 87,846 | 64,431 | Gross margin | 64,304 | 68,662 | 43,818 | Operating expenses: | | | | Research and development | 4,475 | 3,381 | 2,429 | Selling, general and administrative | 10,830 | 10,040 | 7,599 | Total operating expenses | 15,305 | 13,421 | 10,028 | Operating income | 48,999 | 55,241 | 33,790 | Other income/(expense), net | 1,156 | 522 | 415 | Income before provision for income taxes | 50,155 | 55,763 | 34,205 | Provision for income taxes | 13,118 | 14,030 | 8,283 | Net income | $ 37,037 | $ 41,733 | $ 25,922 | Earnings per share: | | | | Basic | $ 40.03 | $ 44.64 | $ 28.05 | Diluted | $ 39.75 | $ 44.15 | $ 27.68 | Shares used in computing earnings per share: | | | | Basic | 925,331 | 934,818 | 924,258 | Diluted | 931,662 | 945,355 | 936,645