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The information on the following page is available for Barkley Company at December 31, 2003, regarding its investments.
Cost Fair Value
3,000 shares of Myers Corporation Common Stock 40,000 48,000
1,000 shares of Cole Incorporated Preferred Stock 25,000 22,000
65,000 70,000
Instructions
(a) Prepare the adjusting entry (if any) for 2003, assuming the securities are classified as trading.
(b) Prepare the adjusting entry (if any) for 2003, assuming the securities are classified as available. (c) Discuss how the amounts reported in the financial statements are affected by the entries in (a) and (b).
Describe the requirements for a change in accounting principle and at least four reasons why companies might implement a change in accounting principle.
The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.
Compute the change in operating income if liberty company eliminates Dept. C and doubles the sales in Dept. T without increasing fixed costs.
Wilson Wonders' bonds have 12 years remaining to maturity. Interest is paid annually, the bonds have a $1,000 par value, and the coupon interest rate is 10%. The bonds sell at a price of $850. What is their yield to maturity?
Loss Allocation
Analyze the tax implications of capital gains and/or losses based on the following case study. Apply the IRS codes to calculate adjusted gross income for individuals. Support your conclusions with reference to specific IRS codes and regulations.
Is it necessary for the city to adopt a budget comparable to that of a governmental fund for its enterprise funds and to incorporate it into its accounting system by making annual budgetary entries? Explain.
Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500.
Analyze the impact to CPAs who practice within a very litigious environment in the U.S. Suggest what you believe to be the most effective way for CPAs to protect themselves from liability.
A company expected its annual overhead costs to be $900,000 and direct labor costs to be $1,000,000. Actual overhead was $870,000, and actual labor costs totaled $1,100,000. How much is the company's predetermined overhead rate to the nearest cent..
On April 3, 2008, Mark filed his 2007 Income tax return, which showed a tax due of $80,000. On June 1, 2010, he filed an amended retrun for 2007 that showed an additional tax of $10,000. Mark paid the additional amount. On May 18, 2011, Mark filed..
Retained earnings at 1/1/06 was $150,000 and at 12/31/06 it was $200,000. During 2006, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings.
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