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On April 1, 2014, Sparky purchased a truck for $50,000 with a salvage value of $7,000 and useful life of 5 years which was depreciated using the straight line method. On October 1, 2016, Sparky decided to change the salvage to $3,630 and a total useful life of 9 years. The bookkeeper has not recorded any depreciation on the truck for 2016. Determine the ADJUSTMENT to Sparky’s Income from Continuing Operations (ICO) for this item. Sparky has a corporate tax rate of 30%. If you need to increase ICO, enter your answer as a positive number; for instance: 3000 If you need to decrease ICO, enter your answer as a negative number; for instance: -3000 If you determine no change is needed to ICO; enter NE.
Comment on the results from Parts b and c. To what extent does the capitalization of operating lease obligations affect your assessment of Starbucks' risk?
Why do companies producing a varied and complex mix of products have higher cost than companies producing only a narrow range of products?
We need transactions like that. And Excel spreadsheet should have different input boxes for different values. The input should be reflected in the solution.
Over the last twelve years, you have been making monthly payments on a 30 year, $80,000 home loan at 8% interest compounded monthly. You have just won $100,000 while on a riverboat gambling cruise in Dubuque, Iowa. Draw the Cash Flow Diagram (neatly ..
Consider each of the transactions below. All of the expenditures were made in cash. The Edison Company spent $24,000 during the year for experimental purposes in connection with the development of a new product. In April, the Marshall Company lost a ..
On June 1, 2012, Andre Company and Agassi Company merged to form Lancaster Inc. A total of 869,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2014, the company issued an additional 623..
A company issued $4,000,000 of 8% bonds on October 1, 2014, due on October 1, 2019 for cash of $3,691,117. Interest is paid twice a year on April 1 and October 1. The bonds were sold to yield 10% effective annual interest. The company uses the effect..
What does full disclosure mean? How does full disclosure affect financial reporting? Are there any ethical implications to what must be reported in order to comply with full disclosure? Explain. What recommendations would you make to management regar..
Increase in assets-Increase in liabilities.
Ohio Corp. reported a deferred tax liability of $6,000,000 for year ended 31st December, 2012, when the tax rate was 40%. The deferred tax liability was related to a brief difference of $15,000,000 caused by an installment sale in 2012.
Vital to any ratio analysis are the steps of gathering financial data and selecting and calculating relevant ratios. This assignment provides you with an opportunity to do just that. Download a company’s balance sheet and income statement from one of..
For our discussion, consider that a company has reported a cash balance of $4.5 million on their balance sheet. Sounds like a lot of money, right? What else do we need to know that helps us understand if this amount of money is enough or not enough a..
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