Minor Company installs a machine in its factory at the beginning of the year at a cost of $135,000. The machine’s useful life is estimated to be 5 years, or 300,000 units of product, with a $15,000 salvage value. During its first year, the machine produces 64,500 units of product. What journal entry would be needed to record the machines’ first year depreciation under the units-of-production method?

A company’s had fixed interest expense of $5,000, its income before interest expense and income taxes is $17,000, and its net income is $9,400. The company’s times interest earned ratio equals:

Recording employee payroll deductions may involve:

When a company constructs a building, the cost of the building includes materials and labor but not design fees, building permits, or insurance during construction.

A single liability cannot be divided between current and noncurrent liabilities.

A company borrowed cash from the bank by signing a 5-year, 8% installment note. The present value of an annuity factor at 8% for 5 years is 3.9927. The present value of a single sum at 8% for 5 years is .6806. Each annual payment equals $75,000. The present value of the note is:

Employers’ responsibilities for payroll do not include:

The present value of an annuity is equal to the sum of the individual future values for each payment.

A company borrowed cash from the bank by signing a 5-year, 8% installment note. The present value of an annuity factor at 8% for 5 years is 3.9927. The present value of a single sum at 8% for 5 years is .6806. Each annual payment equals $75,000. The present value of the note is:

Which canyon did Professor Urquhart show pictures of during chapter 8’s lecture?