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The valuation of assets is basically just using the depreciation and accumulated depreciation accounts properly in order to give assets a value at their current state. There are other accounts that accountants use to assign value to assets such as property, plant, and equipment. These accounts are trade-in allowances, loss on disposal, book value, fair value, and book value gone up. Most of the time when it comes to equipment, the accountant does journal entries in order to decrease the value of the asset. However, when it comes to property and sometimes plant, the value of the assets could go up over time. We have seen the value of land go up a crazy amount this past year so would bet that accountants were tasked with increasing the value of their property to be reflected in the books. Under no circumstances would it be ethical for an accountant to use estimates and varying methodology to achieve desired corporate results because that is simply unfair. This would be the same as an accountant saying that the company has an extra $10,000 in cash than they really have. Accountants are tasked with delivering the truth when creating financial statements according to GAAP. Problem 1: What advice or example can you give to this?
On January 1, 2012, a company buys a truck for $42,000 cash. It has estimated residual value of $2,000, and an estimated life of 4 years, or 200,000 miles. Assume the company uses units-of-production depreciation. The truck drove 40,000 miles in 2012..
Trell estimates a fair value of its 20% interest in the receivables of $9,500 (not including the 3% fee). Trell will show an amount receivable from factor of
Kimm Company has gathered the following information about its product. Direct labor. Each unit requires 1.30 hours of labor. Setup, cleanup, and downtime average 0.18 hours per unit. The average hourly pay rate of Kimm’s employees is $11.60. Payroll ..
The company expects to pay a dividend of $2.58 next year and expects to grow at a constant rate of 8 per cent. What should the market value of the share be
Parent Ltd owes an outside organisation, Outsider Ltd, an amount of $400 000. Outsider Ltd owes A Ltd $300 000. Can the two amounts be offset?
Number of tote bundles completed 3,400. What is the cost of the handbags transferred out of the sewing department for the month of May
Identify and list three areas that you found interesting. How can a business use the knowledge of these areas in making well-informed business and employee decisions?
As a CPA, explain to your client the significance of the income and principal categorization scheme used for fiduciary accounting purposes. Also, use this thread to discuss the current events on the Bush Tax Cut expiration, the alternatives and ..
How much money should Alicia put away into an investment each time she receives alimony payments if she can get a 6% return a year?
Prepare the appropriate journal entry to record the issuance of the note. 2. Determine the effective interest rate.
What role does the Internal revenue service paly in interpreting and providing guidance on, the tax law? What types of tax guidance are published by the IRS
Do you agree with the current practice of testing Goodwill for impairment or would you prefer the previous practice of amortizing Goodwill over 40 years? Defend your position.
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