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Wardell Company purchased a minicomputer on January 1, 2009, at a cost of $40,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $4,000. On January 1, 2011, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $900.
Required:
1. Prepare the appropriate adjusting entry for depreciation in 2011 to reflect the revised estimate.
2. Repeat requirement 1 assuming that the company uses the sum-of-the-years'-digits method instead of the straight-line method.
When should revenues and expenses be recorded under GAAP? Are there other limitations tot he Traditional Income Statement format besides timing?
Operational, Financial and degree of Combined leverage. Calculate the sustainable growth rate and if new funds are required too sustain a 15% increase in sales for 2013
She receives a $6,000 distribution, and her share of S corporation items includes a $2,000 long-term capital gain and a $9,000 ordinary loss. Determine the effects of these events on AAA, stock basis, and AEP.
Why are measures of "service efforts and accomplishments" of more concern in government and not-for-profits than in businesses?
trenton reports net income of 230000 for the year ended december 31 year 2. it also reports 87700 depreciation expense
They each earn a salary of about $150,000, have some investment income and some itemized deductions. What additional taxes will Avi and Rianna face as a married couple?
united express unex is a package delivery company which offers two types of service air delivery overnight and ground
Installment loans are used for longer-term loans. These require monthly payments throughout the duration of the loan. Loan repayments are made by an accounts payable clerk from one of its checking accunts. Create Big R's financing business process..
On that date, when the market price of Hunter was $14 per share, there were 90,000 shares of Pierson outstanding. What gain and net reduction in retained earnings would result from this property dividend?
adjusting entries when the accounts of constantine inc. are examined the adjusting data listed below are uncovered on
1.At the end of 2013, the Biggie Company performed its annual physical inventory count.
which ratio indicates the percentage of each sales dollar that is available to cover fixed costs and to provide a
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