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Auto Parts is one of the top three U.S. automobile manufactures. In the beginning of 2008, the company‘s CFO and controller decided that capitalization of the tooling supplies (The nature of the tooling supplies wear out quickly and needs frequent replacement) should be changed into the preferable method of accounting.The company changed its accounting policy accordingly and include the tooling supplies in other assets until the supplies are placed into service, at which time the company enters a journal entry to remove the assets and record the costs of the used supplies as an expense.
Question: Describe wether you agree that capitaliztion of the tooling supplies is the preferable method of accounting for Auto parts ,Inc.
Prepare an analysis and determine which plan will result in the higher earnings per share of common stock. Recommend one plan to the board. Give reasons
A physical inventory on December 31 shows 2,000 units on hand. Holliday sells the units for $12 each. The company has an effective tax rate of 20%. Holliday uses the periodic inventory method. If the company uses FIFO, what is the gross profit for..
Refers to the establishment of a new accounting and reporting basis in an acquired company's parent's financial statements. Is where the purchase price is "pushed down" on the acquirer's financial statements and used to restate the carrying value of..
Questions about accounting problems on payroll, reciepts and sales.
Anchovy acquired 90 percent of Yelton on January 1, 2011. Of Yelton's total acquisition-date fair value, $60,000 was allocated to undervalued equipment (with a 10-year life) and $80,000 was attributed to franchises (to be written off over a 20-yea..
The issuance price of a bond does not depend on the-Which of the following is true of a premium on bonds payable?
Prepare the journal entries to record the November 17, 2011 (ignore cost of goods) and collection on November 26, 2011, assuming that the gross method of accounting for cash discounts is used.
In 2009, Smith paid $6,000 to the tax collector of Big City for realty taxes on a two-family house owned by Smith's mother. Of this amount, $2,800 covered back taxes for 2008, and $3,200 covered 2009 taxes. Smith resides on the second floor of the..
Lyman Nurseries purchased seeds costing $25,000 with terms of 3/15 net 30 EOM on January 12. How much will the firm pay if it takes the cash discount? What is the approximate cost of giving up the cash discount, using the simplified formula?
a. How much dividend income does Speedways have? b. How much and what kind of taxable income does Speedways have because of the distribution? c. What is Speedways's basis in its stock immediately after the distribution?
Expenditures were $3,000,000 in 2006 and $2,015,000 in 2007, including a change order in the amount of $15,000. What amount should be added to net capital assets in the governmental activities accounts in 2007?
If Agnes should die before making the gift, her will stipulates that Stan will receive the stock. Identify the relevant tax issues that Agnes should consider in making her decision.
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