miller3939 asked:


Sorry, I couldn’t fit the whole question above. I am U.S. Based owner of a wholesale Aerial Equipment Company. We have been in operation for over 10 years and have been successful in the United States. However, we have been getting inquiries from international firms and would like to be able to expand our reach, so to speak. Does anyone have any suggestions on how we can find qualified buyers, brokers, etc.? Thanks in advance for any help you could offer.

VCL asked:


My husband’s mother died in March and we inherited her home. Since there is no mortgage payment, we are planning to move in this month. However, there is a lot of work that needs to be done. One of the first things is a retaining wall between his and the neighbor’s property is falling down and needs to be re-done. We talked with a contractor who has given us a bid of around $10,000 to take the wall down, excavate part of the back yard, put in gravel to make an off-street parking spot for our second car, build a new retaining wall and put up a privacy fence between the two houses. I am wondering about the best way to pay for it (with our economy the way it is today).
Details:
1. We have no personal debt, owe no credit cards, no loan payments, no car payments and now no rent or mortgage payments. Our only bills are the routine monthly utility bills.
2. Our combined take-home income is $3400 a month.
3. We have approximately $5000 in savings
4. His mother left him approximately $50,000 in IRA, money market account, savings bonds and life insurance.
5. We both drive cars that have over 100,000 miles on them and are 9 and 10 years old, and he found out last week his needs transmission work, so I think it would be better to replace the car, instead of doing the work.

I honestly don’t want to touch the money his mother left him, but would like to leave that for retirement savings.

In this economy, I think we need to leave the savings account alone.

I know we could afford a loan payment, but again, would that be the best thing to do?

Anyone have any good suggestions or advice on what, in our situation would be the best way to pay for the work that needs to be done?

Thanks for your imput.

Javi asked:


Thinking of exporting used construction equipment and would be thankful for any advice or tips you can give me regarding the export of construction equipment to Latin America.

Thanks.

Yang asked:


Would like to know how to choose excavator? From what considerations?

Accounting asked:


Carlo Company bought real estate, on which there was an old office building, for $900,000. They paid $90,000 in cash as a down payment and signed a 6% mortgage for the remainder. They immediately had the old building razed at a net cost of $30,000, the salvaged materials were sold for $4,200. Attorneys were paid $7,000 in connection with the land purchase and an additional $3,000 in connection with permits and zoning variances necessary for Carlo’s new office building. $25,000 was paid for excavation for the basement of the new building. $2,100,000 was paid for construction of the new building, and $95,000 was paid for a parking lot and necessary walkways and driveways.

____1.The new office building should be recorded at
a.$2,100,000.
b.$2,128,000.
c.$2,125,000.
d.$2,100,000.

____2.Land should be recorded at a cost of
a.$932,800.
b.$937,000.
c.$935.800.
d.$960,800.

____3.Martin Textile purchased machinery for $50,000 eight years ago. It was expected to have a useful life of ten years, no salvage value, and was depreciated using the straight-line method. At the end of its eighth year of use it was retired from service and given to a junk dealer. The entry to record the retirement includes a
a.debit to Loss on Disposal for $10,000.
b.debit to Machinery for $50,000.
c.debit to Depreciation Expense for $10,000.
d.credit to Accumulated Depreciation—Machinery for $40,000.

____ 4.Which of the following should not be included in the plant assets (property, plant, and equipment) classification?
a.Land on which warehouse sits
b.Building housing corporate headquarters
c.Parking lot used by visitors
d.Land held for investment.

____5.Salvage value is deducted for the initial computation of depreciation expense in all of the following methods with the exception of
a.straight-line.
b.units-of-activity.
c.declining-balance.
d.All of the above include a deduction of salvage value.

____6.The cost of a patent should be amortized over
a.40 years.
b.the shorter of its legal life or its useful life.
c.the longer of its legal life or its useful life.
d.its useful life.

____7.On July 1, 2007, Low Enterprises sold equipment with an original cost of $85,000 for $40,000. The equipment was purchased January 1, 2006, and was depreciated using the straight-line method assuming a five year useful life and $5,000 salvage value. The necessary entries for 2007 include a
a.debit to Accumulated Depreciation—Equipment for $16,000.
b.credit to Gain on Sale of Equipment for $21,000.
c.credit to Cash for $40,000.
d.debit to Depreciation Expense for $8,000.

____8.Which of the following is not an intangible asset?
a.Research and development costs
b.Copyrights
c.Organization costs
d.Goodwill

____ 9.Westot’s Retail Store regularly makes payments to a state government for the sales taxes resulting from its sales to customers. These sales taxes
a.should appear on Westot’s income statement as an expense.
b.are based upon a company’s gross profit in most states.
c.are long-term liabilities when they have been paid.
d.are collected by Westot’s as an agent for the state’s taxing authority.

____10.Fast Corporation borrowed $150,000 on March 1, 2007, signing a one-year, 7% note payable to City Bank. The adjusting entry required on December 31, 2007, includes a
a.debit to Interest Expense of $10,500.
b.debit to Cash of $180,000.
c.credit to Interest Payable of $8,750.
d.credit to Interest Revenue of $8,750.

____11.Stome Corp. issued $300,000 of 5%, 5-year bonds at 102 on January 1, 2006. The straight-line method of amortization is used and the bonds pay interest annually on January 1. The amount of bond interest expense that Stome should report on its 2006 income statement is
a.$16,200.
b.$13,800.
c.$15,000.
d.$14,400.

____12.Front Corporation issues its bonds at a discount. Amortization of the discount will
a.decrease bond interest expense.
b.increase bond interest expense.
c.decrease the carrying value of the bonds on the balance sheet.
d.be reported as a loss on the income statement.

____13. Failure to record a liability will probably
a.result in a overstated net income.
b.result in overstated total liabilities and owner’s equity.
c.have no effect on net income.
d.result in overstated total assets.

____14. On the Balance Sheet the current portion of long-term debt should
a.be paid immediately.
b.be reclassified as a current liability.
c.be classified as a long-term liability.
d.not be separated from the long-term portion of debt.

____15. Gunder Company does not ring up sales taxes separately on the cash register. Total receipts for October amounted to $18,900. If the sales tax rate is 5%, what amount must be remitted to the state for October’s sales taxes?
a.$900
b.$945
c.$45
d.It cannot be determined.

____16. Bonds that are subject to retirement at a stated dollar amount prior to maturity at the option of the issuer are called
a.options.
b.early retirement bonds.
c.callable bonds.
d.debentures.

____17. The Muffin Company issued a five-year interest-bearing note payable for $50,000 on January 1, 2005. Each January the company is required to pay $10,000 on the note. How will this note be reported on the December 31, 2006, balance sheet?
a.Long-term Debt, $50,000
b.Long-term Debt, $40,000
c.Long-term Debt, $30,000; Long-term Debt due within one year, $10,000
d.Long-term Debt of $40,000; Long-term Debt due within one year, $10,000