ACC304Week_10Chapter_17HW

ACC304Week_10Chapter_17HW - Chapter 17 ACCOUNTING ISSUES...

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Chapter 17 ACCOUNTING ISSUES Week 10 BRIEF EXERCISE 17-1 Accumulated Depreciation. ......................................... 48,000 Deferred Tax Liability ($48,000 X .35). ................ 16,800. .................................................................... Cumulative Effect of Change in Accounting Principle—Depreciation. ................................... 31,200. .................................................................... BRIEF EXERCISE 17-6 Dates Outstanding Shares Outstanding Fraction of Year Weighted Shares 1/1–5/1 5/1–7/1 7/1–10/1 10/1–12/31 120,000 165,000 155,000 165,000 4/12 2/12 3/12 3/12 40,000 27,500 38,750 41,250 147,500 EXERCISE 17-1 (15-20 minutes) December 31, 2004 Retained Earnings ($550,000 X 9/55). ............................ 90,000 Accumulated Depreciation—Machinery. ............... 90,000 (To correct for the omission of depreciation expense in 2002) Accumulated Depreciation—Machinery. ....................... 105,000 Cumulative Effect of Change in Accounting
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This note was uploaded on 02/11/2010 for the course ACC304 acc304 taught by Professor Unknown during the Winter '09 term at Strayer.

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ACC304Week_10Chapter_17HW - Chapter 17 ACCOUNTING ISSUES...

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