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Auto Parts is one of the top three U.S. automobile manufactures. In the beginning of 2008, the company‘s CFO and controller decided that capitalization of the tooling supplies (The nature of the tooling supplies wear out quickly and needs frequent replacement) should be changed into the preferable method of accounting.The company changed its accounting policy accordingly and include the tooling supplies in other assets until the supplies are placed into service, at which time the company enters a journal entry to remove the assets and record the costs of the used supplies as an expense.
Question: Describe wether you agree that capitaliztion of the tooling supplies is the preferable method of accounting for Auto parts ,Inc.
Par Four Issues $1,700,000 of 10%, 10-year bonds dated January 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $1,505,001.
The goal is to apply learned concepts and later build a strategic marketing plan for your product or service. You will not be allowed to mimic plans or ideas from larger or already "in-place" campaigns. You must think on your own two feet.
How much total cash did Markus raise through the January 15, 2011, stock issuance? How are these journal entries recorded?
If $380,000 is to be distributed as a dividend for the current year, what total amount will be distributed to the common stockholders?
What is the total revenue variance?
For its 2010 tax year, Ilex Corporation has ordinary income of $240,000, a short-term capital loss of $60,000, and a long-term capital gain of $20,000. Calculate Ilex Corporation's tax liability for 2010.
Prepare an income statement and statement of cash flows for the 2009 accounting period.
Scott Company's variable expenses are 70% of sales. The company's break-even point in dollar sales is $2,420,000. If sales are $53,000 below the break-even point, the company would report a:
Examine the governmental fund financial statements. Are any major capital projects funds included? If so, list them. Attempt to find out the nature and purpose of the projects from the letter of transmittal, the notes, or MD&A. What are the major ..
Budgeted sales and merchandise purchases for the three most recent months follow. (1) Prepare the merchandise purchases budget for the months of July, August, and september.(2) Compute the ratio of ending inventory to the next month's sales for ea..
The Acme Company has an $8,000,000 balance in accounts receivable. Their CPA believes that there are very few misstatements. Which of the following would the CPA use to audit the account?
Recovery of working capital will be $10,000 at the end of its useful life. Annual cash savings from the purchase of the machine will be $20,000. a. Compute the net present value at a 12% required rate of return?
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