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Phil Prior, Broderick Corporation’s controller is concerned that net income may be lower this year. He is afraid upper-level management might recommend cost reductions by laying off accounting staff, including him. Prior knows that depreciation is a major expense for Broderick. The company currently uses the double declining-balance method for both financial reporting and tax purposes, and he’s thinking of selling equipment that, given its age, is primarily used when there are periodic spikes in demand. The equipment has a carrying value of $2,000,000 and a fair value of $2,180,000. The gain on the sale would be reported in the income statement. He doesn’t want to highlight this method of increasing income. He thinks, “Why don’t I increase the estimated useful lives and the salvage values? That will decrease depreciation expense and require less extensive disclosure, since the changes are accounted for prospectively. I may be able to save my job and those of my staff.” Answer the following questions. (a) Who are the stakeholders in this situation? Explain. (b) What are the ethical issues involved? (c) If you were Prior, what would you do?
Prepare an unadjusted trial balance and record depreciation using a 5-year life on the office equipment, the straight-line method, and no salvage value. Round to whole numbers. Also, record an adjustment for office supplies used in the amount of $510..
Prepare any journal entries that National Chocolate Corp. should make as the result of information in the preceding report. Assume that the company has 1.0 million shares outstanding on March 5, the par value is $0.01 per share, and the stock pric..
Should the investor buy or sell the forward contract to protect the value of the bond against rising interest rates during the holding period? Calculate the value of the forward contract for the investor at the maturity of the forward contract if Van..
Discussion topic: Business process reengineering (BPR) can be an effective tool to aid in achieving breakthroughs in quality improvement and cost management. Total quality management (TQM) is another philosophy about achieving organizational change. ..
There was no amortization of bond premium or discount during the year. Illustrate what amlount should Kim report in its 2011 statement of cash flows for redemption of bonds payable?
Candy's chocolate Shoppe had the following information available for the month of September: Calculate the cost of goods manufactured for the month.
The activity-based costing system and find the total cost of serving each of the following parties of diners? a. A party of four diners who three drinks in total.
Prepare flexible budget income statements, assuming volumes of 29,000 and 31,000 units. Find out the sales and variable cost volume variances, assuming volume is actually 31,000 units
The expected costs for direct materials, direct labor and manufacturing overhead: Direct material, including schedule of expected cash disbursements with calculations
Please help me prepare a multi-step income statement- Debits: Cash - $33,470, A/R - $37,170, inventory - $48,470, supplies - $8,970, Equipment - $139,940, sales returns & allowances - $4200, COGS - $495,400, salaries and wage expenses - $138,120, adv..
Who are the users of ratio analysis and Describe what ratio analysis is to your classmates.
Develop a BSC that is aligned to the key goal in the strategic plan, i.e. exceeding revenue of $25 million dollars by 2015. Develop, quantify and justify suitable key performance measurement criteria
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