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1. Change in Estimate-Depreciation Frederick Industries changed from the double-declining balance to the straight-line method in 2010 on all its plant assets. There was no change in the assets' salvage values or useful lives. Plant assets, acquired on January 2, 2007, had an original cost of $2,400,000, with a $100,000 salvage value and an 8-year estimated useful life. Income before depreciation expense was $370,000 in 2009 and $300,000 in 2010.
(a) Prepare the journal entry(ies) to record the change in depreciation method in 2010.
(b) Starting with income before depreciation expense, prepare the remaining portion of the income statement for 2009 and 2010.
lucas company recorded the following events last year on the statement of cash flows some of these events are
carol keene corporate comptroller for dumaine industries is trying to decide how to present property plant and
Brett started a new construction business in August 2014. In connection with the new business, he purchased a new backhoe for $70,000 in September of 2014.
Calculate the accounting rate of return on this investment for the first year. Assume straight-line depreciation. Based on this analysis, would the investment be made? Explain your answer.
the maffei company which has only one product has provided the following data concerning its most recent month of
Discuss in at least two WELL-DEVELOPED paragraphs your ORIGINAL personal insights about understanding the importance of the cost drivers and the types of cost behavior that influence managerial decision making.
Which of the following audit strategies would be most appropriate when an auditor has assessed a predominantly substantive approach is necessary to determine inventory quantity?
A $142 petty cash fund has cash of $24 and receipts of $121. Which of the following would be the credit in the journal entry to replenish the account?
Does management's assessment of the financial condition agree with your assessment from the Financial Statements Paper Part I? Explain your response. Support your answer using trend analysis, vertical analysis, or ratio analysis.
Farmer Company issues $10,000,000 of 10-year, 9% bonds on March 1, 2010 at 97 plus accrued interest. The bonds are dated January 1, 2010, and pay interest on June 30 and December 31. What is the total cash received on the issue date?
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Aceton Corporation owns 80 percent of the outstanding stock of Voctax, Inc. During the current year, Voctax made $140,000 in sales to Aceton. How does this transfer affect the consolidated statement of cash flows?
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