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On January 1, 2011, Denozzo Builders evaluated its long-term construction contracts and decided to change them from the completed contract method of accounting to the percentage-of-completion method. Denozzo Builders will then use the completed contract solely for tax purposes. The tax rate is 40%. The following table provides the relevant data concerning the change:Income before Income TaxYear% of CompletionCompleted ContractBefore 2010$600,000$400,0002010$500,000$300,0002011$450,000$400,000Prepare the Journal Entry to record the accounting change.Problem 2The Tildy Company bought a bulldozer for $120,000 on Jan 1, 2009. They have been recording depreciation based upon the sum-of-the-years-digits according to a five year useful life and no salvage value for the bulldozer. On January 1, 2011, Tildy switched to the straight line method of depreciation. The estimate life is the same and so is the salvage value.Prepare the appropriate journal entry, if any, to record the accounting change.Prepare the journal entry to record the depreciation expense for 2011.
Ideally, which of the following type of assets should be financed with long-term financing?
Assume the equity method is applied. Compute Bell's income from Demers for the year ended December 31, 2008.
When measuring the cost of capital, many companies measure the cost of the common stock in the company.
Amos could borrow $100,000 from its bank to finance the purchase at an annual rate of 8%. Should Amos borrow from the bank or use the manufacturer's payment plan to pay for the equipment?
Determination of Beneficiary's Income. A trust is authorized to make discretionary distributions of income and principal to its two beneficiaries, Roy and Sandy. Separate shares are not required.
The general manager was confused because the company had a $9,000 profit, yet seemed, as noted above, $10,000 worse off in its cash position. Explain briefly how, in general, this difference between profit and cash change can happen.
Post the above transactions to T-accounts. Determine the cost of goods sold for the period. Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories.
If Fama Company, with a break-even point at $360,000 of sales, has actual sales of $480,000, what is the margin of safety expressed (1) in dollars and (2) as a percentage of sales? Round the percentage to the nearest whole number.
How much salary must Gander pay Patrick during the period November 1 through December 31, 2008, to permit the corporation to continue to use its fiscal year without negative tax effects?
Explain how shaving 5% off the estimated direct labor hours in the base of the predetermined overhead rate usually results in a big boost in the net operating income at the end of the year.
How do you compute total cost of goods in process/finish goods inventory?
Explain the impact of tax treatment legislation on employee disposable income and employer profits.
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