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Jessica Boland works for Sea Biscuit Co. She and Farah Smith, her manager, are preparing adjusting entries for annual financial statements. Boland computes depreciation and records it as
Depreciation Expense Equipment . . . . . . . . . . . . . . . 123,000
ccumulated Depreciation Equipment . . . . . . . . . 123,000
Smith agrees with her computation but says the credit entry should be directly to the Equipment account. Smith argues that while accumulated depreciation is technically correct, œit 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.Required:1. How should depreciation be recorded? Do you support Boland or Smith?2. Evaluate the strengths and weaknesses of Smith's reasons for preferring her method.3. Indicate whether the situation Boland faces is an ethical problem. Explain.
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findingnbsp the equivalent units for materials and conversion.bell computers ltd. located in liverpool england
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Calculate the predetermined overhead rate for 2012, assuming Deglman Manufacturing estimates total manufacturing overhead costs of $980,000, direct labor costs of $700,000, and direct labor hours of 20,000 for the year.
Ocean Division currently earns $780,000 and has divisional assets of $3.9 million. The division manager is considering the acquisition of a new asset that will add to profit. The investment has a cost of $675,000 and will have a yearly cash flow of $..
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