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Finney Container Company is suffering declining sales of its principal product, non-biodegradable plastic cartons. The president, Philip Shapeero, instructs his controller, Sharon Fetters, to lengthen asset lives to reduce depreciation expense. A processing line of automated plastic extruding equipment, purchased for $2.7 million in January 2002, was originally estimated to have a useful life of 8 years and a salvage value of $300,000. Depreciation has been recorded for 2 years on that basis. Philip wants the estimated life changed to 12 years total, and the straight-line method continued. Sharon is hesitant to make the change, believing it is unethical to increase net income in this manner. Philip says, "Hey, the life is only an estimate, and I've heard that our competition used a 12-year life on their production equipment."
Is the change in asset life unethical, or is it simply a good business practice by an astute president? What would you do if you were the controller?
Determine the value-added, non-value-added, total lead time, and the value-added ratio under the traditional and just-in-time manufacturing methods. Round percentages to one decimal place.
Calculation of direct material price variance and The company purchased 3,000 yards of material in March for $21,000. The company used 2,800 yards in March in order to make 7,700 dresses. The direct materials price variance is?
Determine the activity rate for each of the activity cost pools. (Omit the "$" sign in your response. Round your answers to 2 decimal places.)
By the fiscal year-end of June 30, 2009, the local government had raised only $5,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2009?
Manda Panda anticipates that 2.5% of all credit sales will ultimately become uncollectible. The fiscal year ends on December 31. Illustrate what is the net realizable value (book value) Manda Panda should report in its 2011 balance sheet?
During this year, Topflight purchased $8,250 worth of store supplies. On December 31, $1,125 worth of store supplies remained. Calculate amount of Topflight Company's store supplies expense for the current year.
Calculate the equity method balance in Corgan's investment in smashing, inc., account as of december 31, 2011. prepare the worksheet adjustment for the december 31, 2011, consolidation of corgan and smashing.
Goochland retains title to the goods, and will record sales only if informed of such by Perkins Consolidated, who will keep 15% of the sales price under the consignment arrangement.
The standard hours allowed for real production for the year total and franklin's variable overhead efficiency variance for current year.
Computation of retained earnings using given information and evaluate the retained earnings on December 31, 2005, and 2006.
Illustrate what is the company's projected benefit obligation at the end of 2011? If no estimates are changed in the meantime, what will be the company's projected benefit obligation at the end of 2014 (three years later)?
Why not use trial balance to report financial information internally and externally? What limitations does it have over formal financial statements?
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