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A company changes from straight-line to an accelerated method of calculating depreciation, which will be similar to the method used for tax purposes. The entry to record this change should include a:
A) credit to Accumulated Depreciation.
B) debit to Retained Earnings in the amount of the difference on prior years.
C) debit to Deferred Tax Asset.
D) credit to Deferred Tax Liability.
Robert deposits $150 monthly into a retirement account that has an APR of 5% with monthly compounding. What will this be worth in 40 years from today if it has $5,000 in it today?
Which of the following statements is true? Once adopted, an accounting period normally cannot be changed without approval by the IRS.
When making a short term investment decision which of the following is not usually a factor in your decision?
On March 1, 2010, Freeze Company hires a new employee who will start to work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not?
Assume Research In Motion invested $834 million to expand its manufacturing capacity. Assume that these assets have a seven-year life, and that Research In Motion requires a 12% internal rate of return on these assets.
Prepare a statement of cash flows for the year 2010 for Aero Inc.
(a) ratio of fixed assets to long-term liabilities, (b) ratio of liabilities to stockholders' equity, (c) ratio of net sales to assets, (d) rate earned on total assets, (e) rate earned on stockholders' equity, and (f) rate earned on common stockho..
If Hoffman accepts the special order, the company would not have to pay its salespeople their normal commission of $2 per unit, but the company would incur a shipping cost of $3 per unit on the items in the special order. If Hoffman accepts the sp..
In determining the initial accounting for leases for both the lessee and the lessor?
How are accounting numbers used to monitor this agency contract between owners and managers? Evaluate management's incentives to choose FIFO. Evaluate management's incentives to choose LIFO.
Discuss at least three significant differences between IFRS and GAAP.
Show a example formula of total revenue of 800,000, expense of 200,000 for tax purposes, and depreciation expense of 130,000 for reporting purposes, the tax rate is 34 percent.
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