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Which of the following should be reported as a change in accounting estimate?
a. Change in the reported beginning inventory amount due to a discovery of a bookkeeping error
b. Change from the completed-contract method to the percentage-of- completion method for revenue recognition on long-term construction contracts
c. Increase in the rate applied to net credit sales from 1 percent to 1-1/2 percent in determining losses from uncollectible receivables
d. Change made to comply with a new FASB pronouncement
Write the appropriate audit report, assuming you believe the departure from GAAP is material but not enough to cause you to give an adverse opinion.
Provide and show all answers and step by step work to obtain the answer, not skipping any steps. Show all equations, acronyms (ie ETC, ACWP, etc), and if applicable, a description of how you came to the answer.
The rounded present value of an ordinary annuity for nine years at 9% is 6.0. What amount should N report as capitalized lease liability at December 31, 2009?
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Old Alabama Company purchased investments for $45,000 and plant assets for $127,000 during the current year, during which it also sold plant assets for $66,000, at a gain of $6,000. The company also purchased treasury stock for $78,000 and sold a ..
There were 1,100 units in beginning goods in process inventory, and they were 70% complete with respect to both direct materials and conversion costs. Calculate the equivalent units of production for the month, assuming the company uses the weight..
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What is the future value of $9,000 at the end of 5 periods at 8% compounded interest?
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A company that changes from the declining-balance method of depreciation for previously recorded assets to the straight-line method should report the change as a(n)
In 2012 Sweetwater's excess net passive income is $42,000. Sweetwater holds $31,000 of accumulated earnings and profits from a C corporation year.
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