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The Williams Company decided in the current year to change their method of depreciation for certain types of equipment that were experiencing rapid technological changes. The Accumulated Depreciation account was $450,000 at the beginning of the current year. Depreciation in prior years would have been $800,000 under the new method. Williams Company experiences a 40% tax burden. Which one of the following entries would the company make to record this change?
What are the advantages and disadvantages of making individual managers either, cost center manages, investment center manager, profit center manager.
which has very large E&P, distributes $540,000 in redemption of 300 shares of XYZ Company stock from Ed's estate. What is the estate's income from the redemption?
How would you assess the usefulness of the Income Summary account as it relates to the closing process?
Quayle Corporation's inventory cost on its balance sheet was lower using first-in, first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did the cost of purchases move during the period?
Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for
Change in estimated amount of ore to be mined from year one to year 2. year 1 is 400000 and year 2 is 487500 tons. mined 50000tons in first year and mined 80,000 tons second year of which 60000 tons sold residual or salvage value of the land is $1..
"The production department started the month with the beginning goods in process inventory of $350,000. During the month, it was assigned the following costs: direct materials, $192,000; direct labor, $90,000; overhead applied at the rate of 30% o..
Foreaker LLC sold a piece of land that it uses in its business for $52,000. Foreaker bought the land two years ago for $42,500. What is the character of Foreaker's gain?
What is the ROE for a firm with times interest earned ratio of 2, a tax liability of $1 million and interest expense of $1.55 million if equity equals $1.5 million?
If the income tax rate is 30% and the amount of income taxes paid would be $300 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?
If a gain of $9,000 is incurred in selling (for cash) office equipment having a book value of $55,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is:
Gamma Corporation, as S corp. has a fiscal year ending 03-31. It is required to switch to a calendar-year tax year. How many months of income would a calendar-year taxpayer be required to report in the year of change?
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