Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question: Reporting on an Accounting Change. In December of the current year, Williams Company changed its method of accounting for inventory and cost of goods sold from LIFO to FIFO. The account balances shown in the trial balance have already been recalculated and adjusted retroactively as required by ASC 250. The accounting change and the financial effects are described in Note 2 in the financial statements. Required:
a. Assume that you believe the accounting change is justified as required by ASC 250. Draft the report appropriate in the circumstances.
b. Assume that you believe the accounting change is not justified and causes the financial statements to be materially distorted. Inventories that would have been reported at $1.5 million (LIFO) are reported at $1.9 million (FIFO); operating income before tax that would have been $130,000 is reported at $530,000. As a result of this change, current assets, total assets, and shareholders' equity have increased by 17 percent, 9 percent, and 14 percent, respectively. Draft the report appropriate in the circumstances.
for august mcguire manufactering estimated sales revenue at 200000. it pays sales comissions that are 4 of sales. the
haven corporation issued 700000 of 10-year bonds payable at par in 2005. during 2009 haven paid 50000 interest and an
Explain the rationale for recognizing costs as expenses at the time of product sale.
bohemian links inc. produces sausages in three production departments-mixing casing and curing and packaging. in the
Beginning accounts receivable were $11,000 and ending accounts receivable were $14,000. All sales were on credit and totaled $559,000.
roddickton manufacturing co. has gathered the following information to develop predetermined overhead rates for 2010.
What are the differences between job cost and process cost systems? When would it be appropriate to use each type of system? What is the effect of each system on the product cost?
The estimated salvage value is $20,000, and the estimated useful life is 10 years. The straight-line method will be used for depreciation. What is the depreciation base of this asset?
Which control procedure would be most effective in addressing the following problems? When entering a journal entry to record issuance of new debt, the treasurer inadvertently transposes two digits in the debit amount.
primm company produces a product that requires four standard gallons per unit. the standard price is 24.50 per gallon.
There were no other transactions which affected the companies' land accounts during 2006. What is the consolidated balance for land on the 2006 balance sheet?
a personal statement of financial condition dated december 31 2008 is to be prepared for wilhelm holz.he provides the
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd