User Account

All Pages

What is the total change against income as a result

Assignment Help Accounting Basics
Reference no: EM132813133

On January 1,2020,Canyon Company decided to decrease the estinated useful life of the patent from 10 years to 8 years.

  1. The patent was purchased on January 1,2015 for P3,000,000 with residual value of zero.
  2. The entity decided on January 1,2020 to change the depreciation metjod from accelarated method to straight line.
  3. On January 1,2020 the cost of the equipment is P8,000,000 and the accumulated depreciation is P3,400,000.
  4. The remaining useful life of the equipment on January 1,2020 is 10years and the residual value is P200,000.

Problem 1: What is the total change against 2020 income as a result of the accounting change?

Reference no: EM132813133

Questions Cloud

Car seat under florida v. jimeno : If proper consent was provided, was the officer allowed to search under the car seat under Florida v. Jimeno? Explain.
What are the access-to-care issues in the given situations : What are the access-to-care issues in the given situations? Suggest at least two solutions to address the access-to-care issues in these scenarios.
Compute the current yield on both bonds : Bond A pays $180 annual interest with semiannual payment and has a market value of $880. Compute the current yield on both bonds
Compute the? bonds yield to maturity : Compute the? bond's yield to maturity. ?Fingen's 16?-year, ?$1,000 par value bonds pay 8 percent interest annually. The market price of the bonds
What is the total change against income as a result : The patent was purchased on January 1,2015 for P3,000,000. What is the total change against 2020 income as a result of the accounting change?
What would show the cumulative effect of the error : Begonia's income statement for the year ended December 31, 2020 would show the cumulative effect of this error in the amount of?
Prospects of studying deviant groups on their turf : Using Hamm's Skinheads and Jankowski's gang studies discuss some of the potential dangers as well as prospects of studying deviant groups on their turf.
Calculate the true cost of the new project : Asepsis Ltd had decided to expand its sanitation product line to include the production of disposable face masks. Calculate the true cost of the new project
Find what oil exploration expense be reported in income : The entity used the successful effort method of accounting. What oil exploration expense should be reported in the income statement for the current year?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd