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Problem - Unusual items - Discuss whether Daphne Company correctly reported the following items in the financial statements:
a. In 2012, the company discovered a clerical error in the prior year's accounting records. As a result, the reported net income for 2011 was overstated by $30,000. The company corrected this error by restating the prior-year financial statements.
b. In 2012, the company voluntarily changed its method of accounting for long-term construction contracts from the percentage of completion method to the completed contract method. Both methods are acceptable under generally acceptable accounting principles. The cumulative effect of this change was reported as a separate component of income in the 2012 income statement.
On January 1, 2001, Moon Co. sold $500,000 of its 10-year, 10% bonds for $450,650. Interest is payable semiannually on January 1 and July 1. Using the effective interest method, what amount should Moon report as interest expense for the six month..
Jefferson Jerome is interested in purchasing "Art Specialists Inc.", an auction house. Record the correcting entry and Prepare financial statements
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You are currently working at a mid-sized certified public accounting firm. Your client is Bob Jones. Bob, age 60 and single, has recently retired from IBM.
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