A company purchased new furniture at a cost of $16,000 on January 1. The furniture is estimated to have a useful life of 6 years and a $1,000 salvage value. The company uses the straight-line method of depreciation. What is the book value of the furniture on December 31 of the first year?
A. $16,000
B. $2,500
C. $15,000
D. $13,333
E. $13,500
Answer: E
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Natasha Corporation's Shaping Department had no beginning inventory and completed and transferred to finished goods 920 units during May. Ending inventory for May contained 80 units that were 30 percent complete as to conversion costs and 100 percent complete as to direct materials costs. The charges to the Shaping Department during May were $3,776 for conversion costs and $2,500 for direct
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Which sentence is punctuated correctly?
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The network vehicle used for worm propagation is ___________
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On January 3, 20X9, Pleat Company acquired 80 percent of Stitch Corporation's common stock for $344,000 in cash. At the acquisition date, the book values and fair values of Stitch's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 20 percent of the total book value of Stitch. The stockholders' equity accounts of the two companies at the acquisition date are: PleatStitchCommon Stock ($5 par value)$500,000 $200,000 Additional Paid-In Capital 300,000 80,000 Retained Earnings 350,000 150,000 Total Stockholders' Equity$1,150,000 $430,000 Noncontrolling interest was assigned income of $11,000 in Pleat's consolidated income statement for 20X9.Based on the preceding information, what will be the amount of net income reported by
Stitch Corporation in 20X9? A. $36,000 B. $66,000 C. $55,000 D. $44,000