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At the beginning of 2016, Gale Storm, the new controller of the windy city company,is reviewing the expected useful life and residual value of the company's building. this asset was acquired jan 1,2006 for $800,000.At the time, its expected useful life was 40 years, and estimated residual value $40,000. now at jan1, 2016, the accumulated depreciation to date for the building is $190,000. ms storm proposes to change the expected useful life to 35 years (instead of the original 40), and expected residual value to $62,000. Straight line depreciation is used for the building. Calculate the revised annual depreciation for the building for 2016 and subsequent years
rathman company purchased at a cost of 20779 and used 4248 pounds of materials during may. rathmans standard cost of
Would the use of accelerated depreciation in the financial statements be more conservative or less conservative than the current practice of using the straight-line method? Explain.
calculate the present value of the following cash flows rounding to the nearest dollara. a single cash inflow of
Why are there two separate adjustments to income related to interest
Paul and Ray sell musical instruments through their partnership. To bring in additional funds and expertise, they decide to admit Janet to the partnership. Paul's capital is $400,000, Ray's capital is $200,000, and they share income in a ratio of ..
Describe the risks which are faced by the firm. Evaluate the risk management measures available to firm.
a company sells two products - x and y. product x is sold at a price of 50 and has a variable cost of 25. product y is
Waves Company purchased a patent for $170,000 at the beginning of 2011, and estimated that its expected useful life was 10 years. The patent has a legal life of 17 years. What amount should be recorded as amortization expense for the patent in 201..
macgiver brass is a brass plating firm with sales of 8 million and profits before taxes of 625000. macgiver has a loan
jws transport companys employees earn vacation time at the rate of 1 hour per 40-hour work period. the vacation pay
Word has gotten around that you know accounting and can explain it well. What does the cost of goods sold and gross profit mean
Name and provide a brief explanation of the six articles of the AICPA Code of Professional Conduct.
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