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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. Accel-erated depreciation methods are generally used for income tax purposes. a. Is the company violating the accounting principle of consistency by using different deprecia-tion 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.
Prepare in general journal form the workpaper entries that would be made int he preparation of a consolidated statements workpaper.
Do you consider that cash inflows and outflows related with non-operating items, such as interest expense, dividend revenue and interest revenue should be separated from operating cash flows? Describe.
Assume that the company classified the shares of treasury stock as short- term investments in the current asset section of its balance sheet. Is this appropriate? Explain.
What amount should the rights be reported in the consolidated balance sheet and What effect does the dividend have on the retained earnings and minority interest balances in the parent company's consolidated balance sheet
Kinney distributes $6,000 to each shareholder on February 1, 2006, and distributes another $3,000 to each shareholder on September 1. Explain how is Erin taxed on this distribution
Computation of retained earnings using given information and evaluate the retained earnings on December 31, 2005, and 2006.
Which of the subsequent statements is accurate with respect to this transaction
Purpose a statement of cash flows, using the direct method to show cash flows from operating activities.
Prepare a short memo that defines a company’s operating, investing, and financing activities, and identifies that cash inflows and cash outflows related to each activity.
Illustrate what is the purpose behind congress’ taxing capital gains at a rate lower than ordinary income and will this lower tax rate help to stimulate investment spending and the economy?
Penury Company offers two products. At present, the following represents the usual results of a month's operations and determine the break-even point in terms of dollars
explain the impact of an increase in the level of activity (cost driver) on a total variable cost and variable cost per unit.
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