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Which of the following is not treated as a change in accounting principle?
A) A change from LIFO to FIFO for inventory valuation
B) A change to a different method of depreciation for plant assets
C) A change from full-cost to successful efforts in the extractive industry
D) A change from completed-contract to percentage-of-completion
Emerald corporation is required to change its method of accounting for federal income tax purposes. Write a memo for your client files describing the results of your research.
The beginning balance of retained earnings was $137,000,while the end of the year balance of retained earnings was $175,000.Net income for the year was $63,000. How much was paid in cash dividends during the year?
Compute the current value depreciation for each year. What is the realized real holding gain for the years 2001 - 2004?
Ports Pans is considering the production of a new line of pottery. Based on preliminary market research, management has decided that each pot should be priced at $60. Furthermore, management believes that the profit margin should be 40 percent of ..
Randall Company makes and distributes outdoor play equipment. Last year sales were $2,400,000, operating income was $600,000, and the assets used were $3,000,000.The return on investment (ROI) is:
Write down a memo to Stacey describing the tax consequences of incorporation. As part of your memo analyze the possibility of having the corporation issue common and preferred stock and debt for shareholders’ property and money.
Yet, current practice is to have one set of books for financial statement presentation and one set for the preparation of income taxes. Is this "kosher" and why do you agree or disagree with the practice?
Seventy percent of Diamond Beauty Supply shop sales are on credit with 60 percent of receivables collected in the month after the sale and the rest of receivables collected in the second month after the sale. Prepare a monthly schedule of cash rece..
You're a journalist for an up-and-coming online news website. You are inadvertently given some information that you know would increase your website's popularity, but could potentially compromise national security.
Unger Company uses the perpetual inventory method. Unger sold goods that cost $3,500 for $7,200. If the sale was made to a customer on account, the sale will:
The estimated litigation expense of $1,000,000 will be deductible in 2011 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $500,000 in each of the next three years. The income tax rate is 30% for all ..
The following department data are avalable :Total materials costs $ 120000 equivalent units of materials 60000 total conversion costs $ 70000 Equivalent units of conversion costs 30000 what is the total manufacturing cost per unit?
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