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Please submit your solutions to the following problems in one Word document:
Problem 1
On January 1, 2011, Denozzo Builders evaluated its long-term construction contracts and decided to change them from the completed contract method of accounting to the percentage-of-completion method. Denozzo Builders will then use the completed contract solely for tax purposes. The tax rate is 40%. The following table provides the relevant data concerning the change:
Income before Income Tax
Year
% of Completion
Completed Contract
Before 2010
$600,000
$400,000
2010
$500,000
$300,000
2011
$450,000
Prepare the Journal Entry to record the accounting change.
Problem 2
The Tildy Company bought a bulldozer for $120,000 on Jan 1, 2009. They have been recording depreciation based upon the sum-of-the-years-digits according to a five year useful life and no salvage value for the bulldozer. On January 1, 2011, Tildy switched to the straight line method of depreciation. The estimate life is the same and so is the salvage value.
1. Prepare the appropriate journal entry, if any, to record the accounting change.2. Prepare the journal entry to record the depreciation expense for 2011.
Sawyer Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the Corporation worked 48,000 actual direct labor-hours and incurred $552,000 of actual manufacturing ..
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Assume that Best Buy made a December 31 adjusting entry to debit Salaries and Wages Expense and credit Salaries and Wages Payable for $4,140 for one of its departments. On January 2, Best Buy paid the weekly payroll of $7,270. Prepare Best Buy’s (a) ..
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