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Airline X depreciates its airplanes over a 15-year period and estimates a salvage value of 10% of the cost of the plane. At the same time, Airline Y depreciates identical airplanes over a 25-year period and estimates a salvage value of 15% of the cost of the plane. As expected, these different assumptions resulted in different operating results. For example, if an airplane costs $ 10 million, Airline X will depreciate $ 260,000 more per year for 15 years than Airline Y.
Which company’s estimate of useful life more closely reflects reality? Will you feel comfortable as a passenger in a 25-year old airplane? Does the fact that Airline Y subsequently went out of business provide any information as to why its estimates were so substantially different from those of financially sound Airline X?
Evaluate Mr. Segovias minimum net employment income for the 2009 taxation year. Ignore PST and GST considerations.
Find amount of Bob's bonus if the bonus is to be evaluated on income before deducting salary and interest on capital accounts, but after the bonus?
Burt is the custodian at Quaker Inn, an S corporation that has paid him bonuses over the years in the form of shares in the corporation. Burt now holds 276 shares in Quaker Inn.
Melanie could like you, the staff accountant, to charge the advertising expense for the Hobby department to Toy's. With only these facts, would you modify the accounting for the two departments?
Read headline "Think before you spend" and then, drawing on material covered in this subject, Accounting Theory, identify some ways in which you think corporations would respond to such allegations.
describe the history current status and adoption implications of a financial accounting standards board ongoing
This information is for Heartland Company for the year ended December 31, 2011. Prepare the 2011 statement of cash flows for Heartland Company.
you are a staff accountant in a cpa firm. your manager has asked you to provide a report containing accounting
larine industries wants an airplane available for use by its corporate staff. the airline that the company wishes to
There are two types of current liabilities that must be estimated. Describe them and explain why they must be estimated. How are the financial statements affected if they are not estimated?
reichenbach co. organized in 2011 has set up a single account for all intangible assets. the following summary
Adria Lopez created Success Systems on October 1, 2013. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer.
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