The net book value of equipment reported on the balance sheet equals Cost less salvage value Salvage value plus accumulated depreciation Cost less depreciation expense Cost less accumulated depreciation O Salvage value You plan to finance the purchase of a new car and are told your loan payment would be $8,600 per year for 3 years including interest at a rate of 6 percent. What is the purchase price of the car (i.e. how much money did you borrow)? Use time value of money factors with at leat four decimal places and then round your final answer to the nearest whole dollar. Generally speaking, for how many of the following financial statement analysis calculations is a lower result considered favorable? Current ratio Horizontal analysis for a change in sales Horizontal analysis for a change in expenses Gross profit percentage The Sheehan Company developed the following standards for the manufacture of its product: Each unit should have 1.5 pounds of direct materials purchased at $8 per pound. Each unit should be produced in 1 minute at a direct labor cost of $12 per hour. Actual production was 30,000 units using 44,000 pounds of direct materials at a total cost of $355,000 and required 580 direct labor hours at a total cost of $7,200. What was the total direct labor variance for the company? Use a positive number to indicate a favorable variance or a negative number to indicate an unfavorable variance. The Ross Corporation had the following transactions Aug. 1 Owner invested $9,000 to start the company Aug. 1 Purchased $500 of supplies on account Purchased equipment for $10,000 that is estimated to Aug. 1 have a salvage value of $1,000 at the end of its 5 year useful life. Aug. 22 Paid $350 for advertising Aug. 29 Performed $800 of services to customers. Aug. 30 Reported supplies on hand of $100. After the transactions are recorded in the accounting framework, what amount of total assets would the company have