A company changes the depreciation for a piece of equipment from 20% declining-balance to units-of-production. Describe a
Question:
A company changes the depreciation for a piece of equipment from 20% declining-balance to units-of-production. Describe a plausible circumstance that would support this change for each of the following:
(i) An error,
(ii) A change in estimate, or
(iii) A change in accounting policy.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (7 reviews)
i A change in estimate would be made if the company had und...View the full answer
Answered By
James Warinda
Hi! I’m James Otieno and I'm an experienced professional online tutor with countless hours of success in tutoring many subjects in different disciplines. Specifically, I have handled general management and general business as a tutor in Chegg, Help in Homework and Trans tutor accounts.
I believe that my experience has made me the perfect tutor for students of all ages, so I'm confident I can help you too with finding the solution to your problems. In addition, my approach is compatible with most educational methods and philosophies which means it will be easy for you to find a way in which we can work on things together. In addition, my long experience in the educational field has allowed me to develop a unique approach that is both productive and enjoyable.
I have tutored in course hero for quite some time and was among the top tutors awarded having high helpful rates and reviews. In addition, I have also been lucky enough to be nominated a finalist for the 2nd annual course hero award and the best tutor of the month in may 2022.
I will make sure that any student of yours will have an amazing time at learning with me, because I really care about helping people achieve their goals so if you don't have any worries or concerns whatsoever you should place your trust on me and let me help you get every single thing that you're looking for and more.
In my experience, I have observed that students tend to reach their potential in academics very easily when they are tutored by someone who is extremely dedicated to their academic career not just as a businessman but as a human being in general.
I have successfully tutored many students from different grades and from all sorts of backgrounds, so I'm confident I can help anyone find the solution to their problems and achieve
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
SportsWorld uses straight-line depreciation for a piece of equipment that cost $12,000, had a trade-in value of $2,000, and a five-year service life. At the end of the third year, the trade-in value...
-
The cost and the accumulated depreciation for a piece of equipment are $1,500,000 and $600,000, respectively. Management is concerned that the equipment has become impaired. Management hired several...
-
Illini leases another piece of equipment from Cubs Corporation under a four-year lease agreement on 1/1/20x1. The lease specifies annual payments on each 1/1 and the first payment of $10,000 is made...
-
Exercises 11-16: For the measured quantity, state the set of numbers that most appropriately describes it. Choose from the natural numbers, integers, and rational numbers. Explain your answer....
-
How did the crew development manager, Emily Griffin, learn to plan? What lessons can you learn from her approach to help you be a more efficient and effective manager and planner?
-
On January 1, 2019, Emporia Country Club purchased a new riding mower for $15,000. The mower is expected to have an 8-year life with a $3,000 salvage value . What journal entry would Emporia make at...
-
\(\frac{3}{7} \times \frac{21}{48}\) Perform the indicated operations. Reduce to lowest terms.
-
Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, 2013, its Cash account shows a $ 27,500 debit...
-
???Mark? Goldsmith's broker has shown him two bonds issued bydifferent companies. Each has a maturity of 5 ?years, a par valueof ?$1,000?, and a yield to maturity of 9.30%.??The fi 2 answers
-
10. (Psychology) A behavioral psychologist places a rat each day in a cage with two doors, A and B. The rat can go through door A. where it receives an electric shock, or through door B, where it...
-
Evaluate each of the following independent situations to determine the type of accounting change (correction of error, change in accounting policy, or change in estimate) and the appropriate...
-
The discussion in IAS 16 paragraphs 6062 indicates that a change in depreciation method is usually a change in accounting estimate. Explain the logic behind why a change in depreciation method is...
-
In the winter of 1994, record low temperatures were registered throughout the United States. For example, in Champaign, Illinois, a record low of 229oF was registered. At this temperature can salting...
-
What is the nature of the general standards?
-
The auditor's standard report contains the words generally accepted auditing standards, auditing procedures, and generally accepted accounting principles. Required: a. Indicate the paragraphs of the...
-
What are the functions and potential advantages of audit committees?
-
What is meant by the term qualifying language in an auditors' report?
-
The following two statements are representative of attitudes and opinions sometimes encountered by CPAs in their professional practices: 1. Today's audit consists of test checking. This is dangerous...
-
In September 2020 swap dealers were quoting a rate for five-year euro interest rate swaps of 4.5% against Euribor (the short-term interest rate for euro loans). Euribor at the time was 4.1%. Suppose...
-
Calculate the Lagrange polynomial P 2 (x) for the values (1.00) = 1.0000, (1.02) = 0.9888, (1.04) = 0.9784 of the gamma function [(24) in App. A3.1] and from it approximations of (1.01) and (1.03).
-
Rancour Ltd., which uses ASPE, recently expanded its operations into an adjoining municipality, and on March 30, 2020, it signed a 15-year lease with its Municipal Industrial Commission (MIC). The...
-
Lessee Corp. agreed to lease property from Lessor Corp. effective January 1, 2020, for an annual payment of $30,877, beginning January 1, 2020. The property is made up of land with a fair value of...
-
The head office of North Central Ltd. has operated in the western provinces for almost 50 years. North Central uses ASPE. In 2004, new offices were constructed on the same site at a cost of $9.5...
-
Dept of Justice, Prosecuting Computer Crimes. Chapter One Computer Fraud and Abuse Act. http://www.justice.gov/criminal/cybercrime/docs/ccmanual.pdf
-
Complete the following for this aComplete the following for this assignment Continue in the same Word file from Week 1 and under Journal 2 heading enter the date and write how you are felling right...
-
Coordinating the different stages of the value chain that become internalized within the firm results in an increase in Blank______ costs
Study smarter with the SolutionInn App