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Problem 1: Due to rapid changes in technology, Monty Ltd. will have to replace its monitoring system more quickly than originally anticipated. When the system was purchased for $239,800 on January 1, 2019, the expected useful life had been 15 years and residual value was estimated at $37,300. Now, on December 31, 2022, management is convinced the system will be disposed of on December 31, 2023, for $54,000. Straight-line depreciation expense has not yet been recorded for 2022. Prepare the journal entry to record the change in accounting estimate and the depreciation expense on December 31, 2022.
Financial Statement Analysis and Preparation
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An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
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This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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