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On January 1, 2011, Denozzo Builders evaluated its long-term construction contracts and decided to change them from the completed contract method of accounting to the percentage-of-completion method. Denozzo Builders will then use the completed contract solely for tax purposes. The tax rate is 40%. The following table provides the relevant data concerning the change:Income before Income TaxYear% of CompletionCompleted ContractBefore 2010$600,000$400,0002010$500,000$300,0002011$450,000$400,000Prepare the Journal Entry to record the accounting change.Problem 2The Tildy Company bought a bulldozer for $120,000 on Jan 1, 2009. They have been recording depreciation based upon the sum-of-the-years-digits according to a five year useful life and no salvage value for the bulldozer. On January 1, 2011, Tildy switched to the straight line method of depreciation. The estimate life is the same and so is the salvage value.Prepare the appropriate journal entry, if any, to record the accounting change.Prepare the journal entry to record the depreciation expense for 2011.
Wilton Company reported net income of $50,000 for the year. During the year, accounts receivable decreased by $7,000, accounts payable increased by $3,000 and depreciation expense of $5,000 was recorded. Net cash provided by operating activities f..
Manufacturing overhead is applied to jobs on the basis of direct labor costs using a predetermined overhead rate. The actual manufacturing overhead cost for the year was $172,000.
Why do you think present value is an important concept for management to understand? Do you think it should be used for all financial statements items, why or why not?
An adjustment to retained earnings as a result of a conversion of preferred stock to common stock most likely would occur when:
Determine the administrative costs calculated to each operating department.
Boeing Company is the largest manufacture of commercial aircraft in the United States and is a major employer in Seattle, Washington. Explain why each of the following individuals or organizations would be interested in financial information about..
Primary Task Response: Within the Discussion Board area, write 300-400 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and..
A soft drink maker wants to expand into a neighboring country. They want the product bottled in that country to avoid political issues and to enhance the local image of the product.
The Hightown council refused to increase the town budget. Robert Reed was laid off from work on Aug 4 2010. Earlier in the year he had been temporarily disabled from a job related injury and had received disability benefits. At year end Robert Ree..
Costs can be classified into two categories, fixed and variable costs. These costs behave differently based on the level of sales volumes. Suppose we are running a restaurant and have identified certain costs along with the number of annual units ..
What is the importance of defining the population when performing audit procedures? How would defining the population affect the sample size? How would incorrectly defining the population affect the sampling unit? (100 words)
Which of these is least likely to be an example of cloud computing service?
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