Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. problem #5: 17 pts from the internet, choose your

Problem #5: 17 pts From the Internet, choose your own public corp. Using total assets"...

60.1K

Verified Solution

Question

Accounting

image

Problem #5: 17 pts From the Internet, choose your own public corp. Using total assets" as your "cost", assume 15% salvage value, 7yr estimated useful life, and assume the asset was purchased on May 1st 2019 (assume co's year-end is Dec 3154). 1. For 2010 and 2020 only: Calculate Depreciation Exp using Straight Line, Double Declining Balance and Sum of the Year's Digits 2. For all 3 of the depreciation methods above, show the Net Book Value at 12/31/20 3. Using Straight Line Deprec, assume the co sold this asset on June 30th of 2021 for 80% of the original cost: a. calculate any gain or loss on the sale b. make the entry to record the sale of the asset Problem #6:18 pts Using your Internet co from #6 above, for 2 periods calculate the following ratios: 1. Current ratio 2. Inventory turnover ratio or Accounts Receivable turnover ratio 3. Ave number of days in inventory or accounts receivable 4. Profit Margin on Sales ratio 5. Return on Assets 6. Any other ratio you choose Problem #7: 5 pts In MEMO form: how did your corp do comparing one period to another period (be specific). 1 page MEMO, typed, 12pt font, single spaced (refer to your ratio calculations, as well as overall observations)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Consider the following studies: Study 1: A study was conducted to investigate the effects of alcohol consumption...

Basic Math
Q

In 4 sentences, explain when would be appropriate to choose the following tests? [Hint: type of...

Statistics
Q

Consider the following stock price and shares outstanding information. DECEMBER 31, Year 1 DECEMBER 31, Year 2 Price Shares Outstanding Price Shares Outstanding Stock K $23 110,000,000 $34 110,000,000 Stock...

Finance
Q

1.) Compare your own values with the GLOBE's cultural values for the \"typical\" person from your...

Psychology
Q

3. In the first unit of this module, we discussed the neural basis for learning and...

Psychology
Q

Match the symbol with the name of the element hint these are all elements you...

Biology
Q

Evaluate the iterated integral rcsc 0 dr d0 JJres R 3 0 rcsc 0 dr...

Calculus
Q

The scores and their percent of the final grade for a statistics student are given....

Algebra
Q

A seller is selling some production to some buyers. Buyer's utility function is given...

Accounting
Q

Northern Production Company has 200 labor-hours available. There is no limit on machine-hours. Northern can...

Accounting
Q

For net income in step 5, where did you get 82,440

Accounting
Q

Consider a classroom organized for the elections. There are two identical voting booths in this...

Finance