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1.The Peridot Company purchased machinery on January 2, 2011, for $800,000. A five year life was estimated and no residual value was anticipated. Peridot decided to use the straight line depreciation method and recorded $160,000 in depreciation in 2011 and 2012. Early in 2013, the company revised the total estimated life of the machinery to eight years.
Required:1. What type of change is this?2. Briefly describe the accounting treatment for this change.3. Determine depreciation for 2013.
Clancey Inc. issues $2,085,500 of 7% bonds due in 14 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 11%. What amount will Clancey receive when it issues the bonds?
Additionally, discuss what you learned about planning an audit and how this was applied in the Apollo Case Study, including results of the planning procedures performed as part of your Apollo assignment. What areas or items did you note that will ..
shulau2019s 347 grill has budgeted the following costs for a month in which 1600 steak dinners will be produced and
a review of selected financial activities of viscontis during 20xx disclosed the following121borrowed 20000 from the
Huntington Company's annual accounting year ends on December 31. It is December 31, 2011, and all of the 2011 entries except the following adjusting entries have been made:
a determine the cost of each of the three issues under a perpetual system using the first-in first-out method. b
Harding Corporation has the following accounts included in its December 31, 2012, trial balance: Accounts Receivable $110,000; Inventory $290,000; Allowance for Doubtful Accounts $8,000; Patents $72,000; Prepaid Insurance $9,500; Accounts Payable ..
Describe the business process that affected you as the patient/customer. In addition, describe the administrative and accounting processes that are likely to support this business.
A Journalizing and posting adjustments to the T- accounts and preparing an Adjustment trial Balance
Father, inc. buys 80 percent of the outstanding common stock of sam corporation on January 1, 2009 for $680000 cash. at the acquisition date, sam's total fair value was assessed at $850,000 although sam's book vale was only $600,000.
to prepare a comprehensive balance sheet and single-step income statement presented in good form and derived from a
container shipping inc. is contemplating the use of process costing to track the cost of its operations. the operation
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