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DRS Corporation changed the way it depreciates its computers from the sum-of-the-year's-digits method to the straight-line method beginning January 1, 2011. DRS also changed its estimated residual value used in computing depreciation for its office building. At the end of 2011, DRS changed the specific subsidiaries constituting the group of companies for which its consolidated financial statements are prepared.
Required:
1. For each accounting change DRS undertook, indicate the type of change and how DRS should report the change. Be specific.
2. Why should companies disclose changes in accounting principles?
This is a tax research problem - Clyde had work for many years as the chief executive of Red Industries, and had also been a major shareholder. Clyde and the company had a falling out, and Clyde was terminated.
Assets that the governing board of a public university, rather than a donor or other outside agency, has determined are to be retained and invested for future scholarships would be reported as:
consider the following sequence of events. july 1 american pen wrote and mailed stationary shop a letter offering to
1.Chavez Co.'s salaried employees earn four weeks vacation per year.
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the accounting profession follows a set of quidelines for measurement and disclosure of financial information called
On April 10, 2013, Amelia, Inc., purchased 500 shares of its own common stock in the market for $24 per share. On September 28, 2013, the company sold 300 of these shares in the open market at a price of $27 per share.
cal farms reported supplies expense of 1600000 this year. the supplies account decreased by 280000 during the year to
By how much will Appling's earnings be increased or decreased by the bonds (ignoring taxes) in the December 31 annual financial statements?
List and describe four actions a firm can take to accelerate the collection of cash from sales. For each action listed, describe the potential costs involved with the action.
Using the direct method to allocate service department costs, determine the total amount of costs for each operating department (X and Y)
How would the event affect the statement of cash flows (inflow, outflow, no effect) and in what section?
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