Lester Company purchases a piece of equipment on Jan. 2, 2010, for $30,000 . The equipment has an estimated life of eight years or 50,000 units of production and an estimated residual value of $3,000 . Lester uses a calendar fiscal year. The entry to record the amount of depreciation for 2010, using the production method and assuming that 6,100 units are produced, is:
a. Equipment 3,050
Accumulated Depreciation– Equipment 3,050
b. Equipment 3,172
Accumulated Depreciation– Equipment 3,172
c. Depreciation Expense — Equipment 3,294
Accumulated Depreciation– Equipment 3,294
d. Depreciation Expense — Equipment 3,416
Accumulated Depreciation– Equipment 3,416
C
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Nexis Corp issues 1,000 shares of $15 par value common stock at $22 per share. When the transaction is recorded, credits are made to:
a. Common Stock, $15,000, and Paid-In Capital in Excess of Par, $7,000 b. Common Stock, $22,000, and Retained Earnings, $15,000 c. Common Stock, $7,000, and Paid-In Capital in Excess of Stated Value, $15,000 d. Common Stock, $22,000
A departmental production report under weighted-average process costing would most likely present total costs for two different processes.
Answer the following statement true (T) or false (F)
Conflict between an individual's work group and other work groups within the organization usually surface during the ________ socialization stage.
A. role management B. anticipatory C. accommodation D. All of the choices are correct.
A "strawman" transaction is used to satisfy the unity of time in creating a joint tenancy
Indicate whether the statement is true or false