17. Which combination of depreciation methods and useful life lives most conserv

Question

17.   
Which   combination of depreciation methods and useful life lives most conservativein   the year a depreciable asset is aquired ?























18.   
Under IRFS, a loss from the   destruction of property in fire would would most likely be classified as:

























19.   
For 2009, Flamingo products had net   income of $1,000,000. at 1 January 2009there were 1,000,000 outstanding   shares outstanding. On 1 July 2009, the company issued 100,000 new shares for   $20 per share
The company paid $200,000 in   dividends to common shareholders. What is Flamingo's basic earnings per share   for 2009
























20.   
Cell services inc.(CSI) had   1,000,000 average shares outstanding during all of 2009. During 2009, CSI   also had 10,000 opions outstanding with exercise prices of $10.00



The average stock price of CSI   during 2009 was $15.00. For purposes of computing diluted earning per share,   how many shares would be used in the denominator

Explanation / Answer

17-Straight line depreciation with a long useful life.

18-an extraordinary item

19- The weighted average number of shares outstanding for 2009 is 1,050,000. Basic earnings per share would be $1,000,000 divided by 1,050,000, or $0.95.

20-With stock options, the treasury stock method must be used. Under that method, the company would receive $100,000(10,000

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