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Jessica Boland works for Sea Biscuit Co. She and Farah Smith, her manager, are preparing adjusting entries for annual financial statements. Boland computes depreciation and records it as
Depreciation Expense Equipment . . . . . . . . . . . . . . . 123,000
ccumulated Depreciation Equipment . . . . . . . . . 123,000
Smith agrees with her computation but says the credit entry should be directly to the Equipment account. Smith argues that while accumulated depreciation is technically correct, œit 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.Required:1. How should depreciation be recorded? Do you support Boland or Smith?2. Evaluate the strengths and weaknesses of Smith's reasons for preferring her method.3. Indicate whether the situation Boland faces is an ethical problem. Explain.
What is the management fee 1) on a per available room basis and 2) as a percentage of total revenue for a 255-room hotel located in California that had an occupancy level of 62%, ADR of $84.53, a room revenue to total revenue % of 56.4%, and a gross ..
Explain the effect on the profit, and on the Balance Sheet accounts for July 2015 if. Depreciation was not allocated for the month.
bell computers ltd. located in liverpool england gathers a standardized personal computer from parts it purchases from
On 2/1/16, you issue a 10-year $100,000 bond paying interest quarterly from the date of issue. The market rate of interest has increased to 6% and the stated rate is 5%. Prepare the necessary journal entry/entries for July 31, 2016
Trescott Company had the following results of operations for the past year: A foreign company (whose sales will not affect Trescott's market) offers to buy 3,000 units at $17.00 per unit. In addition to the variable manufacturing costs, selling these..
Larry Cable Inc. plans to introduce a new product and is using target cost approach. Projected sales revenue is $810,000 ($4.05 per unit) and target costs are $730,000, what is the desired profit per unit
Purpose a statement of cash flows for the first year, using the direct method in the operating activities section.
Consistency and comparability, not to mention relevance and reliability, are overarching themes of generally accepted accounting principles. Merchandise transactions such as sales among members of a consolidated firm are eliminated in the preparation..
Important point: in the appendices you present financial data and your ratio analysis calculations. Within the narrative sections, you are to analyze the data and describe what the data is indicating.
Illustrate what is the misstatement in valuation? How do i know whether the inventory is overstated or understated? What is the projected misstatement in the entire population?
Stewart Company has no beginning and ending inventories, and reports the following information about its only product: Direct materials used $29,000 Direct labor $17,000 Variable indirect production $13,000 Fixed indirect production $18,000 Variable ..
Discuss whether or not it would be possible for Calcor Company to achieve the first two of Kuhn’s goals without achieving his third goal of 30% return on average assets before interest and taxes.
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