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If Dizbert Company concluded that an investment originally classified as available for sale would now more appropriately be classified as held to maturity, Dizbert would:
a) not reclassify the investment, as original classifications are irrevocable.
b) reclassify the investment as held to maturity and immediately recognize in net income any unrealized gain or loss on the reclassification date.
c) reclassify the investment as held to maturity and treat the fair value as of the date of reclassification as the investment's amortized cost basis for future amortization.
d) need to restate earnings, as the original classification was in error.
What was the total amount of manufacturing costs assigned to the 5,000 units in the ending work in process?
Discuss the proper accounting treatment, including any required disclosures, for each situation. Give the rationale for your answers.
Which one of the following would be the same total amount on a flexible budget and a static budget if the activity level is different for the two types of budgets?
The machine will have a 5-year life, at which time the terminal disposal value is expected to be $20,000. Upper Darby Park Department is assuming no tax consequences. If Upper Darby Park Department has a required rate of return of 10%, which of th..
How much gain or loss does Sam recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest?
Prepare the adjusting entry (if any) for 2008, assuming the securities are classified as available-for-sale.
Make notes on the following two items to help your manager to understand their meaning: The balanced scorecard and its perspectives on performance
At the beginning of Month 1, 3,200 lbs. of materials were on hand. Purchases of raw materials for Month 2 would be budgeted to be:
All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories. The number of equivalent units of production for conversion costs for the period was:
Accompanying the bank statement was a debit memorandum for bank service charges. On the bank reconciliation, the item:
Calculate the dividends per share on each class of stock for each of the four years. Round all answers to nearest whole cent. If no dividends are paid in a given year, enter 0.
Name the titles of each of Home Depot's financial statements that provide specific information about economic resources, claims to resources, and changes in resources and claims.
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