Shareholders are the ultimate authority in every corporation.
Answer the following statement true (T) or false (F)
False
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An example of a change in accounting principle is the change from the direct method of accounting for uncollectable accounts to the aging-of-receivables method
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1) n the weighted-average inventory costing method, when using the periodic inventory system, a single weighted average cost per unit is computed for the entire period. 2) When using the weighted-average inventory costing method, the dollar amounts for ending inventory and cost of goods sold are the same for both the perpetual and periodic inventory costing methods. 3) An accounting information system collects, records, stores, and processes accounting data to produce information that is useful for decision makers. 4) The collection of time records for company employees is an accounting information system activity that is classified as a business transaction involving the sale of merchandise inventory.
Equipment was purchased for $117,000. It had an estimated residual value of $18,000 and has a current carrying value of $75,000. Its depreciable cost must have been
A) $42,000. B) $99,000. C) $124,000 D) impossible to determine from the facts given.
Minor Company installs a machine in its factory at the beginning of the year at a cost of $135,000. The machine's useful life is estimated to be 5 years, or 300,000 units of product, with a $15,000 salvage value. During its first year, the machine produces 64,500 units of product. Determine the machines' first year depreciation under the straight-line method.
A. $27,000. B. $25,800. C. $23,779. D. $29,025. E. $24,000.