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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)
a. Change in accounting principle.
b. Change in accounting estimate.
c. Prior period adjustment.
d. Extraordinary item.
Presented below are 3 unrelated situations involving equity securities: What is the effect upon carrying value and earnings for each of the situations above?
What is meant by the net realizable value for accounts receivable? What is aging of accounts receivable, and how is it used to account for uncollectible accounts? How is the accounts receivable turnover computed? What information does this ratio prov..
Purchases land having a fair value of $336,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $592,147.
Axel Corporation acquires 100% of the stock of Wheal Company on December 31, Year 4. The following information pertains to Wheal Company on the date of acquisition:
A CPA is interested in testing the fairness of the ending inventory balance at an audit client. He has relatively little experience using statistical sampling methods and, does not like to turn anything over to random chance.
You are an accounting tutor. One of your students is confused about impairment because the student has learned earlier that all assets are recorded at their historical cost. The student has the following list of questions for you:
In November 2011, Kendall purchases a computer for $4,000. She does not use Sec. 179. She only uses the most accelerated depreciation method possible.
On January 1, 2010, Parabolic Company issued 8% bonds with a face amount of $72.9 million, dated January 1. The bonds mature in 2025 (15 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually.
Compute the day’s sales uncollected for both companies as of the end of current period. Which company is doing a better job in managing the collection of its receivables?
Compute the rate variance, the efficiency variance, and the total direct labor cost variance for each of these two months. (Input all amounts as a positive value.
A firm has experienced a constant annual rate of dividend growth of 9 percent on its common stock and expects the dividend per share in the coming year to be $2.70.
Discuss the differences between unit-related, batch-related, and product-sustaining activities. Give one example of each type of activity.
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