Calhoun, Inc purchased equipment at the beginning of 2015 for $180,000 . Rose decided to depreciate the equipment over a 5-year period using the double-declining-balance method. Calhoun estimated the equipment's residual value at $30,000 . Which of the following statements is correct concerning Rose's financial statements at December 31, 2015?
a. The book value of the equipment is $108,000.
b. The book value of the equipment is $72,000.
c. The total accumulated depreciation is $90,000.
d. Depreciation expense for 2015 is $60,000.
a
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The marketing mix refers to
A. the multiple sales and advertising strategies that can be used to promote a product. B. the blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online. C. the marketing manager's controllable factors that can be used to solve marketing problems. D. the controllable forces - social, economic, technological, competitive, and regulatory - to which a marketing manager must constantly adapt. E. a set of complementary products that when sold together generate more sales than when sold separately.
Iowa Cattle Company uses a periodic inventory system. Iowa purchased cattle from Big D Ranch at a cost of $27,000 on credit. The entry to record the receipt of the cattle would be
a. Purchases ........................... 27,000 Accounts Payable .................. 27,000 b. Inventory ........................... 27,000 Accounts Payable .................. 27,000 c. Purchases ........................... 27,000 Cash .............................. 27,000 d. Inventory ........................... 27,000 Cash .............................. 27,000
Use the following data to compute total manufacturing costs for the month: Sales commissions$10,800 Direct labor 39,600 Indirect materials 15,200 Factory manager salaries 7,200 Factory supplies 9,000 Indirect labor 6,300 Depreciation-office equipment 5,000 Direct materials 40,500 Corporate office salaries 42,500 Depreciation-factory equipment 7,500
A. $125,300. B. $58,300. C. $45,200. D. $84,800. E. $141,100.
Agri-Industries purchased some agricultural land at the edge of a large metropolitan area for $250,000 five
years ago. In order to have the land classified as agricultural for property tax purposes, the company has been leasing the property to neighboring farmers. The before-tax return from leasing the property is $12,000 per year. This company's corporate tax rate is 35 percent. If the company sells the land for $400,000 today, what is the internal rate of return on this investment?