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Swindall Industries uses straight-line depreciation on all of its depreciable assets. The company records annual depreciation expense at the end of each calendar year. On January 11, 2007, the company purchased a machine costing $90,000. The machine's useful life was estimated to be 12 years with a residual value of $18,000. Depreciation for partial years is recorded to the nearest full month.In 2011, after almost five years of experience with the machine, management decided to revise its estimated life from 12 years to 20 years. No change was made in the estimated residual value. The revised estimate of the useful life was decided prior to recording annual depreciation expense for the year ended December 31, 2011.
a. Prepare journal entries in chronological order for the above events, beginning with the purchase of the machinery on January 11, 2007. Show separately the recording of depreciation expense in 2007 through 2011.
Assume that Smith & Smith CPAs audited Apollo shoes. Inc last year Now CEO Larry Lancaster wishes to engage Anderson, Olds, and Watershed, CPAs (HOW) to audit its annual financial statements.
How many units were transferred out to Department 2?
Assume that the chance of loss is 3 percent for two different fleets of trucks. Explain how it is possible that objective risk for both fleets can be different, even though the chance of loss is identical.
indicate whether each of the following audit procedures is a test of controls a substantive test or a dual purpose
What is cost-plus pricing? Under what circumstances can it be most useful? What are some potential problems with this approach? Be specific in your responses.
the lbj company has budgeted sales revenues as
If a calculator will sell for $42 each, the Variable Costs to produce it are $24 per unit, and the Fixed Costs per month are $39,600, then how many calculators must be sold per month to Break Even?
arrow products typically earns a contribution margin ratio of 25 percent and has current fixed costs of 80000. arrows
If beginning balance in prepaid insurance was $500 and$2,500 was paid for insurance premium during year, ending balance in prepaid insurance account (after the aboveadjusting entry) would be?
an airfoil of surface area 1ft squared is tested for lift l in a wind tunnel. at an angle of attack of 5 degrees with
Parr, Inc. is a multidivisional corporation which has both intersegment sales and sales to unaffiliated customers. Parr should report segment financial information for each division meeting which of the following criteria?
However, plans were finalized in 2011 to relocate the company headquarters at the end of 2015. The vacated office building will have a salvage value at that time of $700,000.
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