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An item of equipment acquired on January 1 at a cost of $50,000 has an estimated life of five years and an estimated salvage of $10,000.
Required:
a. From a management perspective, from among the straight-line method, declining-balance method, and sum-of-the-years'-digits method of depreciation, which method should be chosen for the financial statements if income is to be at a maximum the first year? Which method should be chosen for the income tax returns, assuming that the tax rate stays the same each year? Explain and show computations.
b. Is it permissible to use different depreciation methods in financial statements than those used in tax returns?
Distinguish between job costing and process costing. Describe the difficulties associated with each type. What can companies do in order to price products competitively and avoid some of these difficulties?
insides an interior decorating firm uses a job order costing system and applies overhead to jobs using a predetermined
In August direct labor was 60% of conversion cost. If the manufacturing overhead for the month was $54,000 and the direct materials cost was $34,000, the direct labor cost was:
Determine the inventory balance Altira would report in its August 31, 2011, balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods:
Callaghan Motors' bonds have 10 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 8 percent
Elite Company is planning to add a new product to its line. To manufacture this product, the company needs to buy a new machine at a $300,000 cost with an expected 4 year life and a $20,000 salvage value.
The CEO asks, "How can actual operating income be roughly 12% of the static budget amount when there are so many favorable variances?"
jan. 1 beginning inventory 300 units 10.00 3000jan. 10 sales units sold at retail 165 units 18.00jan. 20 purchase 370
Part 1. Identify most sold bread type Part 2. Determine which bread gives you most revenue
Journalize the assignment of these costs to the two processes and the transfer of units as appropriate.
Boron Chemical Company produces a synthetic resin that is used in the automotive industry. The company uses a standard cost system. For each gallon of output, the following direct manufacturing costs are anticipated:
why does a company that issues bonds between interest dates collect accrued interest from the bonds
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