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Berkley Company, a manufacturer of many different products, changed its inventory method from FIFO to LIFO. The LIFO method was determined to be preferable. In addition, Berkley changed the residual values used in computing depreciation for its office equipment. It made this change on January 1, 2010 because it obtained additional information. On December 31, 2010, Berkley change the specific subsidiaries comprising the group of companies for which consolidated financial statements are presented.
REQUIRED: What kind of accounting change is each of the preceding three situations? For each situation, indicate whether or not the company should show: The retrospective application of a new accounting principle
Based on 2008 tax laws, if Salem's taxable income before charitable contributions is $11,500,000 in 2009, calculate the charitable contribution allowance for 2009. Provide a recommendation to Salem management regarding tax implications of this con..
dime a dozen diamonds makes synthetic diamonds by treating carbon. each diamond can be sold for 140. the materials cost
1. why should interested parties thoroughly review an organizations financial statements? 2. why are
shimmer inc is a calendar year end accrual method corporation. this year its sells the following long term
Role of financial information for continuous improvement Consider an organization that has empowered its employees, asking them to improve the quality, productivity, and responsiveness of their processes that involve repetitive work.
Write the journal entry to show the effect of the accrual (if any) that should be made as of December 31 with respect to the advertising allowance offer.
on jan 1 a company purchased a machine for 80000. the estimated life of the machine was 8 years and the estimated
Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes.
company abc was formed on january 1 2009 by selling and issuing 25000 shares of 12 par value common stock at 15 per
Johntech accounted for the lease as a capital lease and recorded an asset and a liability in the financial records. The asset recorded under this lease should properly be amortized over:
The hockory Cabinet and furniture Company makes chairs. The fixed cost per month of making chairs is $7,500, and the variable cot per chair is $40. Price is related to demand according to the following linear equation.
Calculate the amount of accumulated depreciation relating to the machine that would appear on XYZ Company's December 31, 2009 balance sheet assuming that the company is depreciating the machine using the double-declining balance method. Do not use..
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