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natka813 [3]
3 years ago
13

Company X recently revised the estimate of the useful life of one of its depreciable assets. How would Company X correctly repor

t this change per U.S. GAAP
Business
1 answer:
GenaCL600 [577]3 years ago
7 0

Answer:

When you adjust the useful life of an asset, you must do it prospectively, i.e. the past depreciation is not adjusted, all you adjust is future depreciation expense. Since no journal entries are required to adjust past depreciation, the change in the asset's useful life are not part of any current financial statement. They should only affect future financial statements.

If the change is significant, e.g. a nuclear reactor's life is extended by 10 years, which reduces depreciation expense by $50 million per year, then it should be included in the footnotes. But if the change will not significantly alter any financial statement, e.g. the useful life of a machine is reduced in 5 years and will increase depreciation expense by $500 per year, then it may or may not be included in the footnotes depending on the size of the company.

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You have some news to share with your manager. You’ve decided to take a new job, and you’re giving your two weeks’ notice. It’s
Vladimir79 [104]

Explanation:

It is a challenging situation to communicate to your boss that you are leaving work, so it is important to <u>maintain a professional and polite posture</u>, keeping a calm and grounded approach to the reasons why you will leave your position in the company, ideally to maintain communication positive or neutral, but never negative, regardless of why you want to leave.

Depending on how you communicate, you will create a network for future job searches.

3 0
4 years ago
Barnes' Brothers has the following data for the year ending 12/31/2015: Net income = $600; Net operating profit after taxes (NOP
qwelly [4]

Answer: $490

Explanation:

Economic value added is the estimate of the economic profit of a firm. The economic value added(EVA) is also gotten when the capital charge for the raise of the firm's capital is deducted from the net profit.

Based on the above information, the economic value added will be:

= Net profit - (Total Operating capital × Weighted average cost of capital)

= $700 - ($2,100×10%)

= $700 - $210

= $490

3 0
3 years ago
40. If you could live anywhere, where would it be?
ozzi

Answer:

40. Somewhere peaceful surrounded by nature

42. i am actually not sure

5 0
3 years ago
When the price is ________ the equilibrium price, we would expect there to be a ________, causing the market to put ________ pre
Gekata [30.6K]

Answer:

E. above; surplus; downward

Explanation:

The options to this question wasn't provided. The full question can be found here : https://www.chegg.com/homework-help/questions-and-answers/price-equilibrium-price-would-expect-causing-market-put-pressure-price-went-back-equilibri-q29621799

When price is above equilibrium price, the quantity supplied exceeds quantity demanded. This leads to a surplus. This places a downward pressure on price. Price falls until equilibrium price is restored.

When price is below equilibrium price, the price of goods become cheaper. The quantity demanded increases while the quantity supplied falls. This leads to a shortage and places an upward pressure on price. Price rise until equilibrium price is reached .

I hope my answer helps you.

3 0
3 years ago
When was the Fair Labor Standards Act (FLSA) established?​
Snezhnost [94]

Answer:

The Fair Labor Standards Act was established in 1938.

6 0
3 years ago
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