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Question - Effective 1/1/21, the company will change its method for calculating depreciation from the double-declining balance method to the straight-line method for its factory building. As of 1/1/21, the building has a net book value of $800,000, a remaining useful life of 20 years, and an expected salvage value of $100,000. If straight-line depreciation had been used all along, the net book value of the factory building would have been $1,000,000 on 1/1/21.
What entry will the company record on its opening balance sheet of 1/1/21 (if any), and what adjusting journal entry will be recorded on 12/31/21 (if any)? Not all lines are necessarily used. If no JE is required on 1/1/21 or 12/31/21, clearly indicate this by writing "no JE required."
The bank statement for April shows P23,010 of checks clearing the company's account. The amount of outstanding checks on April bank reconciliation must be
On February 15, 2021, the price of gold is P300 per ounce. What is the gain on purchase commitment to be recognized on February 15, 2021?
The cash account for Online Medical Co. at June 30, 2014, indicated a balance of $9,145. The bank statement indicated a balance of $10,270 on June 30, 2014. Comparing the bank statement and the accompanying canceled checks and memos with the records ..
Do you agree with the CFO? If so describe how SOX 404 and CEO/CFO certification removes the need for an internal audit function. If you don't agree, describe what an internal audit function adds beyond SOX 404 and CEO/CFO certification.
If Emig's capital balance after Posada's withdrawal is $42,800, what were (1) the total bonus to the remaining partners
Suppose Arnell pays interest of 6% per year on its debt. What is its annual interest tax shield? Arnell Industries has just issued $50 million
McKenna Sports Authority is getting ready to produce a new line of gold clubs, What is the payback period for this project?
Prepare a schedule for each of the three years (2014-2016) in which you summarize the transactions as they affect permanently restricted, temporarily restricted, and unrestricted net assets.
Describe some products whose adoption rates have been affected by complexity, compatibility, relative advantage, observability, and/or trial ability.
Through Internet research, review the 20-Factor Test that courts and the Internal Revenue Service (IRS) use to determine whether an individual is an employee or an independent contractor. Make up a hypothetical scenario involving the question of whet..
Merchandise inventory costing $20,000 was sold to customers for $28,000 cash. Illustrate what amount of revenue and cash flow resulted from this transaction?
Total amount of interest incurred by Clay during 2010 was $102,000. What amount should Clay report as capitalized interest at December 31, 2010?
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