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Problem 1: How the following items are recorded in the accounting records in change from cash basis to the accrual basis of accounting?
a) Change in accounting estimate-currently and prospectively.b) Change in estimate-account for currently and prospectivelyc) Charge to expense-possibly separately disclosed.d) Correction of an error and reported as a prior period adjustment-adjust the beginning balance of retained earnings.
Problem 2: How the following items are recorded in the accounting records in change from average-cost to FIFO method for inventory accounting?
a) Change in accounting policy-retrospective application to all affected prior-period financial statements.b) Change in estimate-account for currently and prospectivelyc) Charge to expense-possibly separately disclosed.d) Correction of an error and reported as a prior period adjustment-adjust the beginning balance of retained earnings.
Problem 3: How the following items are recorded in the accounting records in change in the estimate of service lives for plant assets?
a) Change in accounting policy-retrospective application to all affected prior-period financial statements.b) Change in estimate-account for currently and prospectivelyc) Change in accounting estimate-currently and prospectively.d) Correction of an error and reported as a prior period adjustment-adjust the beginning balance of retained earnings.
Engberg Company installs lawn sod in home yards. The company's most recent monthly contribution format income statement follows Amount % of Sales Sales $121,000
If the activity is deemed to be a hobby, what is the amount of Lew's expenses (if any) from the activity that may be deducted
Dane and Queen had $50,000 and $171,000, respectively, in their January 1 capital balances. How much net income should be distributed to Queen?
He did not properly set his brakes or curb the wheels when he parked the car
Another division of the company wants to purchase the component. Fixed cost per unit of component is $50. What is the minimum transfer price
HI5020 Corporate Accounting Assignment - Calculate the effective tax rate for both companies that you have selected
Over that period Joe has done quite well out of taking up allocations and selling them within a few days on the market. Discuss the ethical issues
The company was initially setup by issuing 220000 shares at an issues price of $1 each. Prepare Balance Sheet as at 31 December 2017
Use this information to prepare the General Journal entry (without explanation) for the August 31, 2016 monthly mortgage payment
At year-end 2013, Dub's Wind Generator Co. had a $40,000 debit balance in its Manufacturing Overhead Control account. Overhead is applied to products based on direct labor cost. Relevant account balance information at year-end follows:
What did the company purchase that resulted in the cash outflow from investing activities?
Dr Ivan Incisor is a dentist and he took 6 months off work to attend a cosmetic dentistry traininng program in 2015. His 2015 form W-2 from his job at Bitewing.
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