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Describe the nature of depreciation as the term is used in accounting.
What is the Modified Accelerated Cost Recovery System (MACRS), and under what conditions is it used?
Is it permissible to record additional depreciation on the assets if they are still useful to the company?
In general, what is the required accounting treatment for research and development costs?
Indicate which costs incurred in acquiring the used printing press should be recorded as an increase to the asset account.
Should the tree cutting, land clearing, and grading costs of constructing the ski slopes be recorded as an increase in the land account?
Materials salvaged from the demolition of the building were sold for $1,175. A contractor was paid $800,000 to construct a new warehouse.
Removed a two-way radio from one of the trucks and installed a new radio with a greater range of communication.
Berger Ironworks Co. reported $2,400,000 for equipment and $750,000 for accumulated depreciation-equipment on its balance sheet.
What is the amount of the annual depreciation computed by the straight-line method?
What was the book value of the equipment at December 31, 2012, the end of the year?
Assuming that the equipment was sold on January 7, 2012, for $280,000, illustrate the effects on the accounts and financial statements of the sale.
Cooper Gate Mining Co. acquired mineral rights for $16,500,000. The mineral deposit is estimated at 75,000,000 tons.
Determine the patent amortization expense for the current year ended December 31, 2012.
Determine the book value of the goodwill on December 31, 2012, prior to making the impairment adjustment.
The equipment was expected to have a useful life of three years and a residual value of $900.
Pala Co. discovered during April 2012 that one of its sales clerks had stolen an undetermined amount of cash receipts when she took the daily deposits.
Qualcomm Incorporated is a leading developer and manufacturer of digital wireless telecommunications products and services.
How are these classifications similar or dissimilar to the inventory classifications used in a manufacturing firm?
An employee from the cashier's office counts the cash, compares the total with the memo, and takes the cash to the cashier's office.
Identify the internal control weaknesses that exist at Big Bad Burgers, and discuss what can be done to prevent this theft.
Indicate the weak link in internal control in the handling of cash receipts.
The actual cash received from cash sales was $27,199, and the amount indicated by the cash register total was $27,228.
The actual cash received from cash sales was $14,356, and the amount indicated by the cash register total was $14,290.
Outline procedures for the payment of vendors' invoices, so that the possibilities of losing available cash discounts and of paying an invoice a second time.