Ali co. bought a machine on january 1, year 1, for $24,000, at which time it had an estimated useful life of 8 years, with no residual value. straight-line depreciation is used for all of ali's depreciable assets. on january 1, year 3, the machine's estimated useful life was determined to be only 6 years from the acquisition date. accordingly, the appropriate accounting change was made in year 3. the direct effects of this change were limited to the effect on depreciation and the related provision for income tax. ali's income tax rate was 40% in all the affected years. in ali's year 3 financial statements, how much should be reported as the cumulative effect on prior years because of the change in the estimated useful life of the machine?
a) $2,700
b) $2,000
c) $1,200
d) $0

Your team has identified the risks on the project and determined their risk score. the team is in the midst of determining what strategies to put in place should the risks occur. after some discussion, the team members have determined that the risk of losing their network administrator is a risk they'll just deal with if and when it occurs. although they think it's a possibility and the impact would be significant, they've decided to simply deal with it after the fact. which of the following is true regarding this question? a. this is a positive response strategy.b. this is a negative response strategy.c. this is a response strategy for either positive or negative risk known as contingency planning.d. this is a response strategy for either positive or negative risks known as passive acceptance.

Acorporation a. can use different depreciation methods for tax and financial reporting purposes b. must use the straight - line depreciation method for tax purposes and double declining depreciation method financial reporting purposes c. must use different depreciation method for tax purposes, but strictly mandated depreciation methods for financial reporting purposes d. can use straight- line depreciation method for tax purposes and macrs depreciation method financial reporting purposes

Solomon chemical company makes three products, b7, k6, and x9, which are joint products from the same materials. in a standard batch of 320,000 pounds of raw materials, the company generates 70,000 pounds of b7, 150,000 pounds of k6, and 100,000 pounds of x9. a standard batch costs $3,840,000 to produce. the sales prices per pound are $10, $14, and $20 for b7, k6, and x9, respectively. (a) allocate the joint product cost among the three final products using weight as the allocation base. (b) allocate the joint product cost among the three final products using market value as the allocation base. (c) allocate the joint product cost among the three final products using weight as the allocation base.