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Which of the following is not a retrospective-type accounting change?
a. Completed-contract method to the percentage-of-completion method for long-term contractsb. LIFO method to the FIFO method for inventory valuationc. Sum-of-the-years'-digits method to the straight-line method d. "Full cost" method to another method in the extractive industry
The professor, who knew that Joe worked as a factory supervisor, had said that some of Joe's salary could end up on the company's balance sheet at the end of the month. This didn't make any sense to Joe since he gets the salary, not the company.
From this information, compute the equivalent units of production for direct materials and conversion costs for the month. Use the FIFO costing method.
Compute the depreciation for each of the three years, assuming the use of units-of-production depreciation.
Within two months of the sale, Bela moved into a new residence she purchased for $700,000. What is Bela's basis in her new residence?
Accounts of Pioneer Heating Corporation at the end of the first year of operations showed the following balances. In addition, prepaid operating expenses are 4000, and accrued sales commissions payable are $5900. Investment revenue receivable is ..
Record each of the following transactions in Gagon's general journal-1. Issued capital stock for $75,000 cash. 2. Borrowed $35,000 from a bank. Signed a note to secure the debt.
Why do you think present value is an important concept for management to understand? Do you think it should be used for all financial statements items, why or why not?
"A long term debt of 2,151,000 represents the remaining balance on a 30 year old loan taken out 20 years ago at 11 % which options to refinance every ten years. If we refinance for the remaining 10 years at 7% how much interest expense will we sav..
What are management assertions? How do they affect the financial statements? How does the auditor formulate audit objectives based on management assertions?
Describe how the authoritative literature addresses comprehensive income. Describe three classifications within net income and give an example of each. Describe three classificiations within other comprehensive income and give an example of each.
Rapid Auto has over 200 auto-maintenance service outlets nationwide. It provides primarily two lines of service: oil changes and brake repair.
Medium Inc. had one class of stock outstanding. The one class of stock was owned 50 percent by Linda and 25 percent by each of Linda's parents.
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