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Phil Prior, Broderick Corporation’s controller is concerned that net income may be lower this year. He is afraid upper-level management might recommend cost reductions by laying off accounting staff, including him. Prior knows that depreciation is a major expense for Broderick. The company currently uses the double declining-balance method for both financial reporting and tax purposes, and he’s thinking of selling equipment that, given its age, is primarily used when there are periodic spikes in demand. The equipment has a carrying value of $2,000,000 and a fair value of $2,180,000. The gain on the sale would be reported in the income statement. He doesn’t want to highlight this method of increasing income. He thinks, “Why don’t I increase the estimated useful lives and the salvage values? That will decrease depreciation expense and require less extensive disclosure, since the changes are accounted for prospectively. I may be able to save my job and those of my staff.” Answer the following questions. (a) Who are the stakeholders in this situation? Explain. (b) What are the ethical issues involved? (c) If you were Prior, what would you do?
Need to show work this would help me out a lot. Ernie Inc. has current assets of $12,500, net fixed assets of $12,500, current liabilities of $6,000, and long term debt of $19,000. What is the value of shareholder's equity for the firm? During 2014, ..
Explain the advantage of using a flexible budget. Also, why are flexible overhead budgets based on an activity measure, such as hours or process time or machine time?
Shin Corporation had a projected benefit obligation of $3,120,100 and plan assets of $3,325,200 at January 1, 2014. Shin also had a net actuarial loss of $468,250 in accumulated OCI at January 1, 2014. The average remaining service period of Shin’s e..
Kareem bought a rental house in March 2010 for $300,000, of which $50,000 is allocated to the land and $250,000 to the building. Early in 2012, he had a tennis court built in the backyard at a cost of $7,500. Kareem has deducted $30,900 for depreciat..
The Bell Weather Co. is a new firm in a rapidly growing industry. The company is planning on increasing its annual dividend by 19 percent a year for the next 4 years and then decreasing the growth rate to 3 percent per year. The company just paid its..
During June, Argon, Inc., purchases of direct materials totaled $119,000; direct labor for the month was 3,400 hours at $10.00 per hour. Agron also incurred the following overhead costs: Prepare a statement of cost of goods manufactured.
Prepare a table showing for each airline the load factor, operating revenue per ASM, operating cost per ASM, and operating margin (profit) per ASM. Round to four decimal places.
Record the following transactions in the general journal - Prepare a trial balance for the month ended March 31, 2007
Why is it important to do the kind of due diligence testing and risk assessment review conducted by Cardinal & Coyote prior to determining whether to make a bid for the audit of a potential client?
Little Cabbage Firm acquired an adjacent lot to construct. Fees paid to remove an old building from the land were $9,000. Materials salvaged from the demolition of the building were sold for $3,000. A contractor was paid $800,000 to construct a new..
from the data given compute the margin of safety.penury company offers two products. at present the following
following is a partial trial balance for plano company. plano had 50000 shares of stock outstanding during the year.
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