Entries by mary WAMBUGU

The Milton Company takes a full year’s depreciation expense in the year of an asset’s acquisition, and no depreciation expense in the year of disposition.

September 6, 2019 in /by

The Milton Company takes a full year’s depreciation expense in the year of an asset’s acquisition, and no depreciation expense in the year of disposition. Data relating to one of Milton’s depreciable assets at December 31, 2017, are as follows: Acquisition year       2013 Cost           $110,000   Residual value       11,000 Accumulated depreciation  83,897 Estimated useful life   8 years Using the same depreciation […]

 

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During 2017, Crimson Inc. purchased $2,775,000 of inventory. The cost of goods sold for 2017 was $2,635,938

September 6, 2019 in /by

During 2017, Crimson Inc. purchased $2,775,000 of inventory. The cost of goods sold for 2017 was $2,635,938 and the ending inventory at December 31, 2017 was $544,688. What was the inventory turnover for 2017?   Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”

 

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In an employer-sponsored defined benefit pension plan, the interest cost included in the pension expense represents:

September 6, 2019 in /by

In an employer-sponsored defined benefit pension plan, the interest cost included in the pension expense represents: (A)  The effective discount rate times the unamortized balance of prior service costs. (B)  The increase in the projected benefit obligation due to the passage of time. (C)  The increase in the fair value of plan assets due to the passage of […]

 

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Craig received a $25,000 distribution from Yellow Corporation that the corporation identified as $15,000 dividend and $10,000 return of capital.

September 6, 2019 in /by

Craig received a $25,000 distribution from Yellow Corporation that the corporation identified as $15,000 dividend and $10,000 return of capital. What effect does this distribution have on Craig’s taxable income if his basis in the stock of Yellow is $8,000? a.    Increase of $25,000 b. Increase of $17,000 c. Increase of $15,000 d. Increase of $10,000   Looking for […]

 

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