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A recent annual report of H. J. Heinz Company includes the following note:
Depreciation: For financial reporting purposes, depreciation is provided on the straight-line method over the estimated useful lives of the assets, which generally have the following ranges: buildings--40 years or less; machinery and equipment--15 years or less; computer software--3-7 years; and lease hold improvements--over the life of the lease, not to exceed 15 years. Accelerated depreciation methods are generally used for income tax purposes.
a. Is the company violating the accounting principle of consistency by using different depreciation methods in its financial statements than in its income tax returns? Explain.
b. Why do you think that the company uses accelerated depreciation methods in its income tax returns?
c. Would the use of accelerated depreciation in the financial statements be more conservative or less conservative than the current practice of using the straight-line method? Explain.
Accounting for Business Decisions -HI5001 - what is the interest expense for 2012 and how much equipment was purchased during the year
What factors should be considered in making an estimate of the loss accrual? What information should management disclose in the footnotes to the financial statements concerning this purchase commitment?
On jan 1 07 daniels company contained these liability accts. Accts payable 42,500 Sales tax payable 6,600 Unearned service revenue 19,000 During january
You are an employee of BusComm Consulting. Begun as a small business just a few years ago, BusComm has outsourced its payroll and tax accounting and return preparation to Accountpreneurs, a company specializing in accounting support for small busi..
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Identify some additional control procedures that the company might implement to reduce the monthly loss from theft of office supplies by employees.
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S. Company exchanged 400 shares of Daily Company common stock, which Herman was holding as an investment, for equipment from West Company. What journal entry should Herman make to record this exchange?
Funseth Farms, purchased a tractor in 2008 at a cost of $30,000. The tractor was sold for $3,000 in 2011. Depreciation recorded through the disposal date totaled $26,000.
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