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Question - During 2009, Kerr Company determined that machinery previously depreciated over a seven-year life had a total estimated useful life of only five years. An accounting change was made in 2009 to reflect the change in estimate. If the change had been made in 2008, accumulated depreciation would have been P800,000 at December 31, 2008, instead of P600,000. As a result of this change, the 2009 depreciation expense was P50,000 greater. The income tax rate was 30%. What should be reported in Kerr's income statement for the year ended December 31, 2009, as the cumulative effect on prior years of changing the estimated useful life of the machinery?
What guidance does the Generally Accepted Accounting Principles, ethics, reputation and legal liability provide in the preparation of financial statements for external users?
Cabigas Company manufactures two products, Product C and Product D. The company estimated it would incur $355,840 in manufacturing overhead costs during the current period.
Information taken from Giles Corporation's May accounting records follows. Assuming the use of variable costing, compute the inventoriable costs for the month. Compute the month's inventoriable costs by using absorption costing.
Prepare the journal entries for the issuance of the bonds, and the first year's interest expense. Show all the calculations. An investor wants to buy a 12-year
Matching Items Reported to Cash Flow Statement Categories (Direct Method) - Lion Nathan, brewer of XXXX, Toohey's, and other well-known Australian brands, has net revenue of more than $2 billion (Australian).
FIN515- Calculate the firm's cost of equity using the capital asset pricing model (CAPM). The formula for the CAPM is ri = rf+ βi × (RMkt - rf). Assume the risk-free rate (rf) is the current rate of 10-year U.S. Treasury Bonds.
The machines will require a major overhaul after 3 years, costing $100,000. What is the sunk cost of the TW project
Discuss how the current economic restrictions caused by COVID19 affect Australian reporting entities in applying AASB 16 Leases. Explain in deta
Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year. For 2015, indicate the pension amounts reported in the financial statements.
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. Compute the following amounts for the month of May using T-accounts for Raw Materials, Work In Process, ..
Congress would like to increase tax revenues by 13 percent. Assume that the average taxpayer in the United States earns $48,000 and pays an average tax rate of 20 percent. If the income effect is in effect for all taxpayers, what average tax rate wil..
Suppose a firm's stock is selling for $20. It just paid a $1.00 dividend, and dividends are expected to grow at 4.7% per year. What is the required return
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