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bagirrra123 [75]
3 years ago
8

Ski Park Company purchased a gondola for $440,000 (no residual value) at the beginning of 2015. The gondola was being depreciate

d over a 10-year life using the double-declining method. At the beginning of 2018, it was decided to change to straight-line. An accompanying disclosure note would include each of the following except:_______.A. The cumulative effect of the change. B. Justification that the change is preferable. C. The effect of a change on per share amounts affected for all periods reported. D. The effect of a change on any financial statement line items affected for all periods reported.
Business
2 answers:
krek1111 [17]3 years ago
4 0

Answer:

D (The effect of a change on any financial statement line items affected for all periods reported.)

Explanation:

Any change in the financial system should include all other 3 explanations. It should also include a cumulative effect of the change but it would not include change to every financial line and every statement.

As they only needs to adjust the cumulative effect.

bixtya [17]3 years ago
3 0

Answer:

The correct option is C,The effect of a change on per share amounts affected for all periods reported.

Explanation:

Change in accounting policy on depreciation should only take place when the new method is more justified and would present a  more fairer position and performance of the entity involved,hence option B is wrong.

Also,the disclosure requirements include the cumulative effect of the change as well as the effect  on financial statements line items in accordance with US. GAAP and International Financial Reporting Standards.

The impact on per share value is not a requirement,hence option C is correct

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Which of the following statements about depreciation is correct? When depreciation expense is incurred, cash balances are reduce
Ksju [112]

Answer:

The correct answer is letter "B": Depreciation reduces the book value of assets .

Explanation:

Depreciation shows how much and the value of the assets was used up. This also aims to balance an asset's cost to the revenue that the asset has helped the business gain. Used as an income tax deduction, depreciation calculations offer businesses an annual allowance for the use and deterioration of tangible (physical) assets.

<em>Depreciation reduces the book value of assets because, after the depreciation calculation is done, the amount computed decreases the current value of the asset it represents.</em>

6 0
3 years ago
"All three levels are required to run an organization or a business smoothy"Justify the statement.​
Reika [66]

Answer:

"All three levels are required to run an organization or a business " according to my point of view it is true without anyone levels (sector) business or organization not imagine to run

5 0
2 years ago
"Problem 20-01A a-b, c Carla Vista Sports Inc. manufactures basketballs for the Women’s National Basketball Association (WNBA).
Natali [406]

Answer:

Effect on income= $26,700

Explanation:

Giving the following information:

Producing 118,600 units. Amount Sales $4,506,800 Cost of goods sold 3,475,506 Selling and administrative expenses 498,060 Net income $533,234 Fixed costs for the period were cost of goods sold $960,000, and selling and administrative expenses $249,000. In July, normally a slack manufacturing month, Carla Vista Sports receives a special order for 10,000 basketballs at $28 each from the Greek Basketball Association (GBA). Acceptance of the order would increase variable selling and administrative expenses $0.73 per unit because of shipping costs but would not increase fixed costs and expenses.

Unitary variable  cost= (3,475,506 - 960,000)/118,600= $21.2

Unitary variable selling and administrative= (533,234 - 249,000)/118,600= 2.40

New offer:

10,000 units for $28

Total unitary variable cost= (21.2 + 2.4 + 0.73)= $24.33

Effect on income= 10,000*(28 - 24.33)= $26,700

4 0
2 years ago
The Assembly Department of​ ByteSize, Inc., manufacturer of​ computers, incurred $ 290 comma 000 in direct material costs and $
andreev551 [17]

Answer:

The cost per equivalent unit of production​ (EUP) for conversion costs is​ $116.67

Explanation:

The cost per equivalent unit of production​ (EUP) for conversion costs is​ = 70000/600= $116.67

3 0
3 years ago
Assume banks are required to hold reserves equal to 20 percent of deposits. Instructions: Enter your responses as a whole number
stellarik [79]

Answer: $100

Explanation:

If the reserve requirement is 20% then the required reserves being held by the company is:

= Total deposits * reserve requirement

= 8,000 * 20%

= $1,600

The reserves held by the company of $1,700 comprise of both the required reserves and the excess reserves. The excess reserves will therefore be calculated as:

Excess reserves = Reserves - Required reserves

= 1,700 - 1,600

= $100

4 0
2 years ago
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