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A recent annual report of H. J. Heinz Company includes the following note: Depreciation: For financial reporting purposes, depreciation is provided on the straight- line method over the estimated useful lives of the assets, which generally have the following ranges: buildings— 40 years or less; machinery and equipment— 15 years or less; computer software— 3– 7 years; and lease hold improvements— over the life of the lease, not to exceed 15 years. Accel-erated depreciation methods are generally used for income tax purposes. a. Is the company violating the accounting principle of consistency by using different deprecia-tion methods in its financial statements than in its income tax returns? Explain. b. Why do you think that the company uses accelerated depreciation methods in its income tax returns? c. Would the use of accelerated depreciation in the financial statements be more conservative or less conservative than the current practice of using the straight- line method? Explain.
Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra revenues: compute net sales for the two months ended December 31, 2011.
How would consolidated cost of goods sold have differed if the inventory transfers had been for the same amount and cost, but from Stendall to Edgar?
Using financial statements from a company of your choice, categorize the expenditures on operational assets of the company based on whether they give future benefits.
This association takes place in the CPU Assembly Department. The company freshly hired a new accountant who prepared the following report for the department for May using the weighted-average method
Show whether each variance is favorable (F) or unfavorable (U) - Evaluate of Variable-overhead spending variance and the variable-overhead efficiency variance
Evaluate how does above bullet point affect Ora's audit report to Noved's Board of Directors and Jones's firm provided financial consulting services to Noved during 2009 and 2008, for which Noved paid just about $1,600 and $9,000, correspondingly.
a firm that sells a single product had a beginning inventory of 4000 units with a total cost of 28,000. early in the year, 10000 units were purchased at $9 each, using FIFO what is the value of the ending inventory of 3000 units?
Explain three issues/problems that a company could encounter when trying to evaluate the actual cost of a good or service to be used in the cost of goods sold.
Using T accounts enter the beginning balances in the ledger accounts and post the April transactions and Tot. trial balance $8,254. Gross profit $463
Purpose a direct materials budget for the seasoning, by month an in total for the second quarter. Be sure to include both the quantity to be purchased and its cost for each month.
What is the amount of the refund owed to the customer? Journalize the entries made by the seller to record the return and the refund. If an amount box does not require an entry, leave it blank.
Darron Co. was formed on January 1, 2009 as a wholly owned foreign subsidiary of a U.S. corporation. Darron’s functional currency was the stickle €. The following transactions events occurred during 2007: What was the amount of the translation ad..
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