The Fluffy Coin Laundry purchased new dryers for $112,000. Freight charges were $640, and installation amounted to $1,200. The dryers are expected to last 5 years and have a residual value of $4,000. The laundry elects to use the double-declining method of depreciation. What is the depreciation for year 2? (Round to the nearest dollar)
What will be an ideal response?
$27,322
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A partner has express authority to do whatever he or she is authorized to do by:
A. customs and usages of similar businesses in a particular area. B. customs and usages of a particular partnership. C. the written articles of incorporation. D. the written articles of partnership.
Remote database connectionsare used to link to another database and to call objects that exist on that database.
Answer the following statement true (T) or false (F)
Mitchell Corporation's accounting records include the following items for the year ending December 31, 2017
Gain on Sale of Equipment $12,000 Gain on Discontinued Operations $75,000 Loss on Disposal of Equipment 5,000 Extraordinary Loss 15,000 Net Sales 650,000 Cost of Goods Sold 285,000 Operating Expenses 120,000 The income tax rate for the company is 45%. The company had 15,000 shares of common stock outstanding during 2017 and no preferred stock. Prepare Mitchell's income statement for the year ending December 31, 2017. Show how Mitchell reports EPS data on its 2017 income statement. What will be an ideal response
The "bill of lading" is issued by the seller (exporter) directly to the buyer (importer) in order to claim the goods upon arrival at the destination port
Indicate whether the statement is true or false