On October 1, 2020, WelCo Corp. exchanged machine used in its manufacturing operations for similar but new machine (fair market value: $370,000). WelCo Corp. must pay $40,000 cash for the new machine. The following information pertains to the exchange. WelCo Corp. Machine (cost) $480,000 Accumulated depreciation (as of December 31, 2019) 150,000 Annual depreciation (1/1 ~ 12/31) 40,000 Fair value of machine (old) 330,000 The exchange has commercial substance. Instructions (1) Prepare a journal entry that is necessary to recognize the depreciation expense on October, 2020. (2) Show the calculation of the amount of the gain or loss to be recognized from the disposal of the machine. (3) Prepare an entry that is necessary to record the exchange of the machines on October 1, 2020.
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Business, 22.06.2019 06:30, solphiafischer
Individual consumers belong to which step of choosing a target market? possible customers competition demographics communication
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Business, 22.06.2019 11:10, allieallie
Use the information below to answer the following question. the boxwood company sells blankets for $60 each. the following was taken from the inventory records during may. the company had no beginning inventory on may 1. date blankets units cost may 3 purchase 5 $20 10 sale 3 17 purchase 10 $24 20 sale 6 23 sale 3 30 purchase 10 $30 assuming that the company uses the perpetual inventory system, determine the gross profit for the month of may using the lifo cost method.
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Business, 22.06.2019 15:10, hsbhxsb
Popeye produces 20 cans of spinach in 8 hours. wimpy produces 15 hamburgers in 10 hours. if each hamburger trades for 1.5 cans of spinach, then: a. wimpy’s production and productivity are greater than popeye’s. b. popeye’s production is greater than wimpy’s, but his productivity is less. c. wimpy’s production is greater than popeye’s, but his productivity is less. d. popeye’s production and productivity are greater than wimpy’s.
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Business, 22.06.2019 16:00, bossboybaker
Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?
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On October 1, 2020, WelCo Corp. exchanged machine used in its manufacturing operations for similar b...
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