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A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Kira Wahlgren acquired 100 shares of stock by gift from her father. Her father paid $1,000 in gift tax on the gift. At the time of the gift, the shares had a fair market value of $60 per share. Her father's adjusted basis in the shares was $90 per..
the "Dual Track" approach is a method of accounting used in government for the purposes of simplified reporting. What does it mean to run your accounts on the ‘Dual Track' approach?
You have been asked to speak at a career fair for high school students in your home town. Specifically, you are making a presentation about your role as an accountant.
Comparison of projects, no income taxes. (CMA, adapted) New Bio Corporation is a rapidly growing biotech company that has a required rate of return of 10%. It plans to build a new facility in Santa Clara County.
Assume variable manufacturing overhead is allocated using machine-hours. Give three possible reasons for a favorable overhead efficiency variance. Which reason is most persuasive? Why?
During the year, Henry, a sole proprietor, sold for $65,000 a machine that was used in his business. The machine had been purchased in 2003 for $50,000, and when it was sold it had an adjusted basis of $30,000. How should this gain be treated?
High & Dry’s standard price for direct materials is $3.60 per unit-The actual purchase price per unit was
Discuss the pros and cons related to research and development costs under IFRS and GAAP. With which approach do you agree? Why?
Circle Corporation makes a product that sells for $400 per unit. The variable costs to make this product are $220 per unit. Fixed costs total $750,000 for the year. Circle currently sells 5,000 units each year.
Compute the company's predetermined overhead application rate. Compute Rockville's ending work-in-process inventory. Determine Rockville's sales revenue. Was manufacturing overhead under- or overapplied during 20x3? By how much?
Work-in-process inventory was $14,900 at January 1 and $16,700 at December 31. Finished goods inventory was $65,000 at January 1 and $58,300 at December 31.
Discuss how the statement of cash flows is used by investors. If you were an investor reviewing a statement of cash flows, what section would interest you most? Why?
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