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1. Problem - A company acquired machinery at a certain cost. The company adopted the double-declining balance method of depreciation for this machinery and had been recording depreciation over an estimated useful life of a certain number of years, with no residual value. A decision was made to change to the straight-line method of depreciation for the machinery. The depreciation expense should be what amount?
2. Problem - A construction company changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. Gross profit figures under both methods for the past three years are provided. Assuming a certain income tax rate for all years, the affect of this accounting change on prior periods should be reported by a credit of what amount and on what report?
3. Problem - A company purchased machinery. The entire cost was recorded as an expense. The machinery has an estimated useful life of a certain number of years and a certain salvage value. The company uses the straight-line method to account for depreciation expense. An error was discovered. Ignore income tax considerations. The company's income statement for the year ended December 31, should show the cumulative effect of this error in the amount of what?
the following information relates to interstate trucking for its first year of operations data in millions
In a recent month a CPA provided ten hours of volunteer time to the Society for the Visually Impaired. He devoted seven hours to maintaining the organization's financial records and three to recording tapes of newspapers and magazine articles.
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The Allegheny Valley Power Company common stock has a beta of 0.80. If the current risk-free rate is 6.5%(Krf)and the expected return on the common stock as a whole is 16%(Km)
If the patent is to be written off over a 10-year period, at what amount should it be reported on consolidated statements at December 31, 2012?
Wages expense for a period was $69,000. Wages payable increased during the period by $10,500. How much cash was paid to employees during the period?
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Fabert Corp uses the weighted-average method in its process costing system. The Assembly Department started the month with 16,000 units in its beginning work in process inventory that were 40% completed with respect to conversion costs.
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Assume that a U. S. company makes a purchase from a British company and agrees to pay a price of 2 million pounds. How will the U.S. company determine the cost of this purchase for the purpose of recording it in its accounting records? Briefly exp..
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