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Change in Principle, Estimate As a certified public accountant you have been contacted by Joe Davison, CEO of Sports-Pro Athletics, Inc., a manufacturer of a variety of athletic equipment. He has asked you how to account for the following changes.
1. Sports-Pro appropriately changed its depreciation method for its production machinery from the double-declining balance method to the production method effective January 1, 2010.
2. Effective January 1, 2010, Sports-Pro appropriately changed the salvage values used in computing depreciation for its office equipment.
3. On December 31, 2010, Sports-Pro appropriately changed the specific subsidiaries constituting the group of companies for which consolidated financial statements are presented. Write a 1-1.5 page letter to Joe Davison explaining how each of the above changes should be presented in the December 31, 2010, financial statements.
The present value of these cash flows, discounted at Harrel"s market interest rate, is $2,800,000. At what amount should the patent be carried on the December 31, 2011 balance sheet?
Compute the cost of goods purchased and (2) the cost of goodssold.
the quick chips company a fast food manufacturer began operations in january 2007. it issued 50000 shares of .25 par
example of a potentially unethical accounting situation?
How might a company obtain a price index in order to apply dollar-value LIFO?
Apollo Shoes is satisfied with the services your firm offers and wants to continue with the audit. Apollo Shoes would like you to prepare a letter explaining how you plan to begin the audit process.
The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 unrestricted, $200,000 temporarily restricted, and $100,000 permanently restricted.
What are some possibilities for fraud in this particular account? What are some judgment decisions that the auditor needs to make in this account?
Indicate whether each event is an asset source, use, or exchange transaction.
kathy myers frequently purchases stocks and bonds but she is uncertain how to determine the rate of return that she is
Molly had $12,000 in itemized deductions on her 2014 Federal income tax return, but will take the standard deduction in 2015. How does the tax benefit rule apply to Dolly's and Molly's situations? Explain.
If annual overhead costs are expected to be $750,000 and direct labor costs are expected to be $1,000,000, then:
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