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In 2010, Bailey Corporation discovered that equipment purchased on January 1, 2008, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Prepare Bailey's 2010 journal entry to correct the error.
Determine amount of interest to be capitalized in 2010 in relation to the construction of the building. Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2010.
The only depreciable asset the company owns is a specialized machine that it bought for $1,000,000 and is depreciating over 5 years using the straight line method. Illustrate what is the firm's EBT?
Why do you think it took from 1999, when the XBRL concept was invented, until 2009 for the SEC require that public filers adopt?
Which of the following statements is most correct concerning the relationship between a company's cash budget and its income statement
Describe why the interest rate for the loan that needs a review report is lower than that for the loan that did not require a review. Describe why the interest rate for the loan that needs an audit report is lower than the interest rate for the ot..
Calculation of ending inventory for interim financial statements - Ernst Equipment Co. wants to make interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Ernst's gross profit rate ave..
What should Campbell record as a net deferred tax asset or liability for the year ended Dec 31 2011 assuming that the enacted tax rates in effect are 40% in 2011 and 35% in 2012?
The standard cost of product 2525 includes 1.83 hours of direct labor at $13.90 per hour. The predetermined overhead rate is $20.60 per direct labor hour. Compute the total, price, and quantity variances for labor. Total labor variance $ unf..
Explain factors that should be considered when applying the conventional concept of depreciation to the determination of how the value of a newly acquired computer system should be assigned to expense for financial reporting purposes.
Kathleen received land as a gift from her uncle. At the time of the gift, the land had a FMV of $85,000 and an adjusted basis of $110,000 to Kathleen’s uncle. One year later, Kathleen sold the land for $80,000. Illustrate what was her realized..
Gross Profit margin was higher than Nike's, but it’s Income Before Taxes margin was lower? In other words, what happened between the gross profit line and the income before taxes line to cause this flip in which company was more profitable/effic..
while other companies in the industry have experienced decreasing or level sales. Discuss what factors are used to determine whether Amanda's salary represents reasonable compensation.
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