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Joy Cunningham Co. purchased a machine on January 1, 2012, for $550,000. At that time, it was estimated that the machine would have a 10-year life and no salvage value. On December 31, 2015, the firm's accountant found that the entry for depreciation expense had been omitted in 2013. In addition, management has informed the accountant that the company plans to switch to straight-line depreciation, starting with the year 2015. At present, the company uses the sum-of-the-years'-digits method for depreciating equipment.
Prepare the general journal entries that should be made at December 31, 2015, to record these events.
Prepare the general journal entries that should be made at December 31, 2015, to record these events. (Ignore tax effects.
Do you think that users of financial statements would be aided if there were a distinction between financial reporting standards for public vs. non public companies? What about between big and little companies?
Colin was a professional classical guitar player until his motorcycle accident that left him disabled. After long months of therapy, he hired an experienced luthier (maker of stringed instruments) and started a small shop to make and sell Spanish gui..
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A corporation was formed on January 1. The corporate charter authorized 140,000 shares of $10 par value common stock. During the first month of operation, the corporation issued 230 shares to its attorneys in payment of a $3,000 charge for drawing up..
calculation of net salesreporting net sales with credit sales sales discounts sales returns and credit card salesnov.
Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines. Assume that Telephone Sellers sells $4,200 of prepaid cards in Janu..
The following is a partially completed lower section of a departmental expense allocation spreadsheet for Brickland.
How many classes would be offered if Bo increased the number of classes offered by 100 percent? What would be total labor cost?
The financial community in the United States has become increasingly concerned with the quality of reported company earnings. Define the term earnings quality. Explain the distinction between permanent and transitory earnings as it relates to the con..
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