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Captain Inc. purchases a depreciable asset for $100,000. The life of the asset is 10 years and it has an estimated salvage value of $10,000. Captain Inc. takes a full year of depreciation expense in the year the asset is acquired. Which of the following statements is true?
A) In year three using straight-line depreciation the amount will be $10,000.
B) Changing depreciation methods in year four will be considered a change in accounting principle.
C) Depreciation under the double-declining method (200%) in year one will be equal to $18,000.
D) Changing depreciation methods in year two will require prospective application.
Schoomer Corp. paid $200,000 to purchase 30 percent of the stock of Shape, Inc. this year. At the end of the year, Shape reported net income of $50,000 and declared and paid dividends of $20,000.
While examining cash receipts information, the accounting department determined the following information: opening cash balance $178.24, cash on hand $1,134.46, and cash sales per register tape $1,156.35.
Delta Life Insurance Co. prepares its financial statements on an accounting basis insurance companies use pursuant to the rules of a state insurance commission. If Wall, CPA, Delta's auditor, discovers that the statements are not suitably titled, ..
Each bond has twenty detachable warrants. The bonds and warrants were sold at 110. At the time the bond were issued each warrant had a market value to one percent of the face value of one bond.
The XYZ has a choice between two warehouses. A lease at location A costs 1000 per month with a payment 2000 upfront to guarantee the 3 year lease. Location B would cost 1200 per month and would be leased from month to month.
Prepare a segmented income statement in the contribution format for last month,showing both "amount and percent" columns for the division as a whole and for each product.
What are the major objectives of financial reporting? Who are the users of financial reporting? What type of information will each user group need? Why?
General government revenues for the year were $800,000 with an overall increase in the city's net assets of $150,000.
Pullman Corporation acquired a 90% interest in Sleeper Company for $6,500,000 on January 1 2010. At that time Sleeper Company had common stock of $4,500,000 and retained earnings of $1,800,000.
If the bonds bear interest at 12%, which is paid semiannually on January 1 and July 1, what is the total cost to be debited to the investment account?
What is Blue Nile's strategy for success in the marketplace? Does the company rely primarily on a customer intimacy, operational excellence, or product leadership customer value proposition? What evidence from the 10-K supports your conclusion?
Signed a three-month, zero-interest-bearing note on November 1, 2010 for the purchase of $150,000 of inventory. The face value of the note was $152,205.
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