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At the beginning of 2016, Alteran decided to change to the straight-line depreciation method for this equipment.
If Company B decided to switch depreciation methods in 2016 from the straight line to the double-declining-balance method, prepare the 2016 adjusting .
Briefly summarize the accounting treatment for intangible assets, explaining the difference between purchased and internally developed intangible assets.
What is the basic principle for valuing property, plant, and equipment and intangible assets acquired in exchange for other nonmonetary assets?
Define average accumulated expenditures and explain how the amount is computed.
Explain the accounting treatment of equipment acquired for use in R&D projects.
Identify any differences between U.S. GAAP and International Financial Reporting Standards in accounting for government grants received.
At what amount will Calaveras value the pickup trucks? How much gain or loss will the company recognize on the exchange?
The disclosure requirements in the notes to the financial statements for depreciation on property, plant, and equipment.
Describe how disclosure requirements are designed to address the departure from consistency and comparability of changes in accounting principle.
Obtain the relevant authoritative literature on the disclosure of accounting policies using the FASB Accounting Standards Codification.
Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2016, was $500,000.
Assume instead that Super Rise knows at the inception of the contract that it will be given unlimited access to the elevators and related equipment each day.
Prepare the journal entry to record revenue each month for the first four months of the contract.
Cutler Education Corporation developed a software product to help children under age 12 learn mathematics.
If we don't do something about the large amount of unsold computers already manufactured, our auditors will require us to write them off.
Compute the amount of gross profit to be recognized from the installment sale in 2016, 2017, 2018, and 2019 if revenue was recognized upon delivery.
Assume that the $243,000 contract price was paid on July 1, 2016. Prepare a journal entry to record the cash receipt.
How much gross profit or loss will Franklin recognize in the first year if it recognizes revenue over time according to percentage of completion?
The stand-alone price of a gold bar is $1,440 per unit, and Gold Examiner estimates the stand-alone price of the replacement insurance service to be $60.
What alternative approaches can be used to estimate the stand-alone selling price of performance obligations that are not sold separately?
What disclosures are required with respect to significant changes in contract assets and contract liabilities?
What indicators suggest that a performance obligation has been satisfied at a single point in time?
When does a consignor typically recognize revenue for a consignment sale?
Explain the difference between contract assets, contract liabilities, and accounts receivable.