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Suppose that you are involved in negotiations with the local labor union regarding wages for your company's employees. Labor leaders are asking that their members be given an average annual raise of 12%. The company president has asked you to prepare a set of ?nancial statements that portrays the company's performance as being mediocre at best. The president also makes it clear that she does not want you to prepare fraudulent ?nancial statements. All estimates must be within the bounds of reason. Your answers to the following questions should be at least 300 words when combined. So you come up with the following: Change the percentage used for estimating bad debts from 1.5% to 2%. Elect to use the LIFO method for valuing inventory because the prices associated with inventory have been rising. Change the average estimated salvage value of long-term assets from 15% to 10% of historical cost. Change the depreciation method from straight-line to an accelerated method. Change the average estimated useful life of long-term assets from 10 years to 7 years. As you know, each of these changes will result in net income being lower. Each of these changes is also still within the bounds of reason required by the company president. 1. Would it be appropriate to make the changes described above in order to obtain favorable terms from the labor union negotiators? 2. If the above changes are made, what sort of disclosure do you think should be required?
Perez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage value is received.
Yuli Copters is known to be aggressive in ignoring intellectual property claims. Imagine they just go ahead with the project as stated above. (In other words, they decide not to pay for the license.)
In addition, Austin estimates that the new machine will increase the company's annual net cash inflows by $35,000. The machine will have a 12-year useful life and no salvage value.
Over the past year, you earned 11.9% overall on your investments. During that period, the inflation rate was 2.3% and the risk-free of risk-free rate of return was 3.2%. What real rate of return did you earn?
The Central Stores Fund of Cook City provides centralized management of purchasing, storage, and issue of supplies for the entire City. For the following summarized transactions and events for the year ended June 30, provide the fund level entries..
The Temple Toy Company has decided to manufacture a new toy tractor, the production of which is broken into six steps. The demand for the tractor is 4,800 units per 40-hour workweek. a) Draw a precedence diagram of this operation
Based on the information above, Complete the following statements with dollar amounts:
On April 12, 2009, he files his state return for 2008 claiming a refund of $900. Ernest receives the refund on August 3, 2009. If Ernest itemizes deductions, how much may he claim as a deduction for state income taxes on his Federal return for cal..
Which of the following items is normally translated the same way under both the current and temporal methods of translation?
When a depreciable asset is sold:
The following transactions relate to bondinvestments of Livermore Laboratories. Prepare the appropriate journal entries for these long-term bond investments.
Descriptions of how your organization uses the accounting information for financial management improvement recommendations for you.
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