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Hello, Can you provide direction with the below questions:
1) Explain briefly the difference between those two methods of applying an accounting change.
First give a definition of the two types of applications and then answering this question: If I were going to switch depreciation methods from straight line to double declining balance, explain, in general terms, how I would handle this (apply the effect of the change) if I did it retrospectively versus prospectively.
2) After you have given the definitions and then described how a change from SL to DDB would be handled retrospectively and then how such a change would be handled prospectively, then for this particular change (SL to DDB depreciation) what does GAAP require, i.e., what is the proper way to handle a change from SL to DDB - retrospectively or prospectively?
The books of Conchita Corporation carried the following account balances as of December 31, 2010. Prepare the journal entries required for the dividend declaration and payment assuming that they occur simultaneously.
What is the expected return of this asset? What is Esperanza's expected utility? What is her certainty equivalent? Suppose that Esperanza can purchase insurance that guarantees her a return of $4900 regardless of the return on the asset.
Explain the important characteristics of Generally Accepted Accounting Principles or standards. Why are these characteristics of GAAP important?
Your recommendation for any company who processes the ordering technology relates to Accounting Information System. Specifically discuss internal controls.
Discuss a production process that you think would involve the production of joint products, being sure to address the following points:
Chris White was a forestry technician who had been searching for several years for a business opportunity to combine with his forestry career
You are an employee of BusComm Consulting. Begun as a small business just a few years ago, BusComm has outsourced its payroll and tax accounting and return preparation to Accountpreneurs, a company specializing in accounting support for small busi..
Hope receives an $18,500 scholarship from State University. The university specifies that $8,500 is for tuition, books, supplies, and equipment, while $10,000 is for room and board. In addition, Hope works part-time at the campus library and earns..
Elaine owns an unincorporated manufacturing business. In 2011, she purchases and places in service $250,000 of qualifying five-year equipment for use in her business. Her taxable income from the business before any section 179 deduction is $70,000..
During the current year, Danny - a calendar-year taxpayer - acquired and placed in service the following business assets:
Brennan Steel Corporation as lessee signed a lease agreement for equipment for five years, starting December 31, 2007. yearly rental payments of $32,000 are to be made at the beginning of each lease year.
Prepare journal entries to record the treasury stock transactions. Prepare the equity section of the balance sheet for Cosmo Company.
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