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Jackie Bergez works for Sea Biscuit Co. She and Bob Welch, her manager, are preparing adjusting entries for annual financial statements. Bergez computes depreciation and records it as: Depreciation Expense-Equipment.........123,000 (dr) Accumulated Depreciation-Equipment..........123,000 (cr) Welch agrees with her computation but says the credit entry should be directly to the Equipment account. Welch argues that while accumulated depreciation is technically correct, "it is less hassle not to use a contra account and just credit the Equipment account directly. And besides, the balance sheet shows the same amount for total assets under either method." 1. How should depreciation be recorded? Do you support Bergez or Welch? 2. Evaluate the strengths and weaknesses of Welch's reasons for preferring his method? 3. Indicate whether the situation Bergez faces is an ethical problem. Explain.
the theatre arts guild of miami employs five people in its production department. these people layout paget for
Prepare a monthly flexible manufacturing overhead budget for 2008 for the expected range of activity, using increments of 1,000 direct labor hours.
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q. in october of 2011 cathy bennett and mike sold their residence for 550000. they purchased it in 2000 for 300000.
you have been elected president of your universitys newly chartered accounting honor society. the society is a chapter
The amount of the proceeds from the issuance that should be accounted for as the initial carrying value of the bonds payable would be.
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On creating a new 100 percent-owned corporation, Ben was advised by his tax consultant to treat 50 percent of the total amount that was invested as a loan and 50 percent as a purchase of corporate stock.
Examine Footnote 8 to Foot Locker's consolidated financial statements (Other Current Assets). Notice that included in this total is "net receivables." Ending net receivables for 2006 (beginning balance of 2007) were $59 million.
Heather & Terry have a mortgage on their primary residence of $750,000 and a mortgage on their vacation home of $410,000. In 2013, they incurred $46,400 of mortgage interest expense. How much, if any, of that interest is deductible on Schedule A?
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