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Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material effect on the financial statements for the current year of your business enterprise.
1.A change from the completed-contract method to the percentage-of-completion method of accounting for long-term construction-type contracts.
2.A change in the estimated useful life of previously recorded fixed assets as a result of newly acquired information.
3.A change from deferring and amortizing preproduction costs to recording such costs as an expense when incurred because future benefits of the costs have become doubtful. The new accounting method was adopted in recognition of the change in estimated future benefits.
A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31.
Prepare the journal entry to record the exchange on Smith's books, assuming the transaction has commercial substance. Prepare the journal entry to record the exchange on Smith's books, assuming the transaction does not have commercial substance.
Her husband makes no gifts in the current year. Sandra's annual exclusions to be claimed on her gift tax return total:
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Joel has four transactions involving the sale of capital assets during the year resulting in a STCG of $5,000, a STCL of $12,000, a LTCG of $1,800 and a LTCL of $1,000. As a result of these transactions, Joel will:
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What happens to the long-run demand curve for labour if the demand for the firm's output increases and what happens to the long-run demand curve for labour if the price of capital increases?
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