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Jackie Bergez works for Sea Biscuit Co. She and Bob Welch, her manager, are preparing adjusting entries for annual financial statements. Bergez computes depreciation and records it as: Depreciation Expense-Equipment.........123,000 (dr) Accumulated Depreciation-Equipment..........123,000 (cr) Welch agrees with her computation but says the credit entry should be directly to the Equipment account. Welch argues that while accumulated depreciation is technically correct, "it is less hassle not to use a contra account and just credit the Equipment account directly. And besides, the balance sheet shows the same amount for total assets under either method." 1. How should depreciation be recorded? Do you support Bergez or Welch? 2. Evaluate the strengths and weaknesses of Welch's reasons for preferring his method? 3. Indicate whether the situation Bergez faces is an ethical problem. Explain.
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..
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Budgeted machine hours are 120,000 hours, and budgeted labor hours are 15,000 hours at a rate of $20.00 per hour. Compute the predetermined overhead rate based on:
The pension obligation on the basis of the plan formua applied to years of service to date and based on existing salary levels.
the city of buffalo river had the following transactions related to the construction of a new courthouse. a 1107 20
an asset not an automobile put in service in june 2012 has a depreciable basis of 35000 and a recovery period of 5
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