On January 1, Year 1, Naples purchased a computer system that cost $1,480,000. The estimated useful life of the computer is 3 years and salvage value is $40,000. Straight-line depreciation is to be used. On January 1, Year 2, Naples determined that the estimated useful life of the computer would be 4 years instead of 3 years. The estimated salvage value will only be $10,000.Prepare the journal entry to record depreciation expense for Year 1.Prepare the journal entry to record depreciation expense for Year 2.
What will be an ideal response?
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Answer the following statements true (T) or false (F)
1) In a period of rising costs, the last-in, first-out (LIFO) method results in a higher cost of goods sold and a lower net income than the first-in, first-out (FIFO) method. 2) Given the same purchase and sales data, and assuming the cost of inventory is rising, the costing methods for inventory will result in different amounts for cost of goods sold. 3) Given the same purchase and sales data, and assuming the cost of inventory is rising, the costing methods for inventory will result in different amounts for sales revenue. 4) Given the same purchase and sales data, and assuming the cost of inventory is rising, the costing methods for inventory will result in different amounts for net income.
In the new-product development process, a description of the features a product will have and the benefits those features will provide a customer is called a ________
A) product idea B) product concept C) product image D) product proposal E) product movement
Which of the following statements is true of the North American Free Trade Agreement (NAFTA)?
A) It allows a member country to reimpose tariffs if imports are hurting that country's economy or its workers. B) It disallows any special protection being extended to specific industries. C) It disallows NAFTA members from trading with other countries unless a unanimous vote is obtained. D) It has been hailed by economists to be a perfect example of a free trade pact.
Most auto manufacturers have arbitration programs
Indicate whether the statement is true or false.