On January 1, Year 1, Zach Company purchased equipment that cost $50,000. The equipment had a useful life of 5 years and a $10,000 salvage value. Zach Company used the double-declining-balance method to depreciate its assets. What is the accumulated depreciation at the end of Year 2?
A. $20,000
B. $12,000
C. $32,000
D. $10,000
Answer: C
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Indicate whether the statement is true or false
Pace Corporation acquired 100 percent of Spin Company's common stock on January 1, 20X9. Balance sheet data for the two companies immediately following the acquisition follows:ItemPaceCorporationSpinCompanyCash $30,000 $25,000 Accounts Receivable 80,000 40,000 Inventory 150,000 55,000 Land 65,000 40,000 Buildings and Equipment 260,000 160,000 Less: Accumulated Depreciation (120,000) (50,000) Investment in Spin Company Stock 150,000 Total Assets $615,000 $270,000 Accounts Payable $45,000 $33,000 Taxes Payable 20,000 8,000 Bonds Payable 200,000 100,000 Common Stock 50,000 20,000 Retained Earnings 300,000 109,000 Total Liabilities and
Stockholders' Equity $615,000 $270,000 At the date of the business combination, the book values of Spin's net assets and liabilities approximated fair value except for inventory, which had a fair value of $60,000, and land, which had a fair value of $50,000. The fair value of land for Pace Corporation was estimated at $80,000 immediately prior to the acquisition.Based on the preceding information, what is the differential associated with the acquisition? A. $21,000 B. $6,000 C. $10,000 D. $15,000
Discounts taken by the buyer for early payment of an invoice are credited to Cash Discounts by the buyer
Indicate whether the statement is true or false
Grievance process is created by the parties to an agreement and is not required by the:
a. labor contracts. b. statutes. c. protocols. d. state laws.