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Captain Inc. purchases a depreciable asset for $100,000. The life of the asset is 10 years and it has an estimated salvage value of $10,000. Captain Inc. takes a full year of depreciation expense in the year the asset is acquired. Which of the following statements is true?
A) In year three using straight-line depreciation the amount will be $10,000.
B) Changing depreciation methods in year four will be considered a change in accounting principle.
C) Depreciation under the double-declining method (200%) in year one will be equal to $18,000.
D) Changing depreciation methods in year two will require prospective application.
Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000.
Machinery purchased for $72,280 by Carver Co. in 2008 was originally estimated to have a life of 8 years with a salvage value of $5,560 at the end of that time. Depreciation has been entered for 5 years on this basis.
One quarter of the principal plus interest is payable on June 30 of each year beginning June 30, 2009. Property owners are assessed to provide the funds to pay the principal and interest on the debt.
ED Products Corp. chooses to process the butter further into spreadable butter by mixing it with canola oil, incurring an additional cost of $1.60 per pound. This process results in two tubs of spreadable butter for each pound of butter processed...
Late in the current year, Brad Corporation's factory was destroyed by a tornado. Brad determined that it had a $200,000 unreimbursed loss on the building built ten years ago and a $75,000 gain on ten-year-old machinery (cost $100,000). Prior to th..
What is the difference between Kamath's and Gehr's required rates of return? (Hint: First, find the market risk premium, then find required returns on the stocks.)
Company A hired Q to perform its year end audit. Subsequent to the compleation of field work, but prior to the issuance of the finicial statements, A discovers that one of its customers has filed for bankruptcy protection.
The following documents are used in the revenue cycle: - Customer order - Sales order - Sales invoice - Credit memo
Illustrate out the qualitative and quantitative limitations of financial statements? What is the FASB and what role does that entity play? Have you heard of and do you know the meaning of IFAS and GAAP?
Explain the difference between defined contribution and defined benefit pension plans. Defined contribution plans are becoming much more popular vs. defined benefit plans. Why is this?
A change from the straight-line method of depreciation to an accelerated method should be accounted for as a(n)
Pacific has the following account balances as of Feb 1. Western pays $2,020,000 in cash. An additional $20,000 is paid in direct combination costs. For each of the following accounts, determine what balance will be included in a Feb 1 consolidatio..
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