Axis Corporation purchased equipment at a cost of $100,000 in January, 2003. As of January 1, 2012, depreciation of $45,000 had been recorded on this asset. Depreciation expense for 2012 is $5,000. After the adjustments are recorded and posted at December 31, 2012, what are the balances for the Depreciation Expense and Accumulated Depreciation? Depreciation Expense Accumulated Depreciation
A) $ 5,000 $50,000
B) $45,000 $45,000
C) $ 5,000 $45,000
D) $45,000 $50,000
A
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Under the indirect method, the total in the operating section must equal the net income shown on the income statement
Indicate whether the statement is true or false
The journal entry to issue $600 of direct materials and $30 of indirect materials to production involves debit(s) to the ________.
A) Work-in-Process Inventory account for $600 and Finished Goods Inventory account for $30 B) Manufacturing Overhead account for $630 C) Work-in-Process Inventory account for $600 and Manufacturing Overhead account for $30 D) Work-in-Process Inventory account for $630
A new manufacturing machine is expected to cost $278,000, have an eight-year life, and a $30,000 salvage value. The machine will yield an annual incremental after-tax income of $35,000 after deducting the straight-line depreciation. Compute the accounting rate of return for the investment.
A. 12.2%. B. 24.5%. C. 23.4%. D. 22.7%. E. 46.9%.
One key feature of the value of a strong brand is that
A. it can protect the firm from competition. B. competitors will typically abandon a sector altogether rather than compete. C. it no longer needs to be supported by advertising and promotion. D. if it becomes a generic name, the brand is worth even more. E. it cannot be successfully imitated by a retailer's own brand.