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A recent annual report of H. J. Heinz Company includes the following note: Depreciation: For financial reporting purposes, depreciation is provided on the straight- line method over the estimated useful lives of the assets, which generally have the following ranges: buildings— 40 years or less; machinery and equipment— 15 years or less; computer software— 3– 7 years; and lease hold improvements— over the life of the lease, not to exceed 15 years. Accel-erated depreciation methods are generally used for income tax purposes. a. Is the company violating the accounting principle of consistency by using different deprecia-tion methods in its financial statements than in its income tax returns? Explain. b. Why do you think that the company uses accelerated depreciation methods in its income tax returns? c. Would the use of accelerated depreciation in the financial statements be more conservative or less conservative than the current practice of using the straight- line method? Explain.
determine the best method to allocate $1,000,000 of common costs (secretarial staff, reception personnel etc), either by salary or number of employees.
Definition of Risk and Security and identification their role in finance.
During 2011, Washington paid salaries of $14,000, and on December 31, 2011, the company accrued salaries of $1,200. What would Washington report for service revenue for 2011?
Calculate the company's total required production in units of finished product for the entire three month period ending September 30.
There was no amortization of bond premium or discount during the year. Illustrate what amlount should Kim report in its 2011 statement of cash flows for redemption of bonds payable?
Record the journal entries necessary on Crain's books for 2005 assuming that Crain uses the equity method to account for its investment in Downey.
Clarify theft is one of the biggest problems for consumers in e-commerce. Can businesses also be victims of identity theft in e-commerce?
Assume that Felde Company sells the same number of units in 2012 as it did in 2011. Illustrate what would the selling price have to be in order to reach the stockholders' desired profit level?
Journalize the adjusting entry required as of april 30th. B. if the adjusting entry in (a) were omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of april 30?
Briefly indicate the practical and conceptual reasons for the conclusion reached by the Financial Accounting Standards Board on accounting and reporting practices for research and development costs.
Evaluate the amount of depreciation expense recognized in Year 2, Year 3, and Year 4 under (a) the revaluation model of IAS 16 and (b) U.S. GAAP. Evaluate the book value of the building under the two different sets of accounting rules at 2 nd Janu..
If the company paid a dividend of $2 per share on its common stock, illustrate what is the balance in Retained Earnings at the end of the year?
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