On January 1 . 2014, Ashton Company purchased equipment at a cost of $570,000 . The equipment was estimated to have a useful life of five years and a salvage value of $60,000 . Ashton uses the sum-of-the-years'-digits method of depreciation. What should the accumulated depreciation be at December 31 . 2016?
a. $340,000
b. $408,000
c. $456,000
d. $510,000
B
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A firm owns 1,000 treasury shares which it acquired for $15 per share (par value $1). The firm sells 500 of the treasury shares for $20 per share. Using the cost method, what is the entry to record the sale of the treasury stock using the cost method?
a. Cash 10,000 Common Stock-Treasury Shares 10,000 b. Cash 10,000 Common Stock-Treasury Shares 7,500 Add'l Paid-in Capital-Treasury Stock 2,500 c. Cash 10,000 Common Stock-Treasury Shares 500 Add'l Paid-in Capital-Treasury Stock 9,500 d. Cash 10,000 Common Stock-Par 1,000 Common Stock-Treasury Shares 11,000 e. Common Stock-Treasury Shares 11,000 Cash 10,000 Common Stock-Par 1,000
Magpie Corporation uses the total cost concept of product pricing. Below is cost information for the production and sale of 60,000 units of its sole product. Magpie desires a profit equal to a 25% rate of return on invested assets of $700,000. Fixed factory overhead cost $38,500 Fixed selling and administrative costs 7,500 Variable direct materials cost per unit 4.60 Variable direct labor cost
per unit 1.88 Variable factory overhead cost per unit 1.13 Variable selling and administrative cost per unit 4.50 The dollar amount of desired profit from the production and sale of the company's product is: A) $175,000 B) $67,200 C) $73,500 D) $96,000
In most businesses today, ________ is the most important and highly used communication channel
Fill in the blank(s) with correct word
Articles of organization are documents that evidence a member's ownership interest in an LLC.
Answer the following statement true (T) or false (F)