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Net income results, reported in the financial statement presentation, can be affected by the inventory reporting methods used. FIFO, LIFO, and weighted average methods each have their own implications during periods of inflation and deflation. Assume the role of a manager, employee, or an investor, and in 1-2 pages analyze the GAAP and ethical implications of each reporting method in a hypothetical company. Then, given your role, select which reporting method you would use, and explain why. Consider tax liabilities and profit levels in your response, as well as ethical considerations you may have for your valuation method selection.
glaser health products of ranier falls georgia is organized functionally into three divisions operations sales and
platypus building inc. won a bid for a new office building contract. below is info from the project accountant total
organizations must follow gaap or ifrs with respect to financial accounting in order to provide accurate transparent
the company incurs a payroll payable of 645 per weekday of operations. the mondays of january are the 3rd the 10th the
1 your accounting supervisor has instructed you to verify the accuracy of the day s bank credit card sales and then
Provide the fund level entries in general journal form needed to conform to basically accepted accounting principles. If no entry is needed, so indicate.
Parker Company had $5000000 in sales and reported a $300000 loss in its annual report to stockholders.According to a CVP analysis prepared for managements use, $5000000 in sales is the break even point for the company.
entries and schedules for unfinished jobs and completed jobs sinatra industries inc. uses a job order cost system. the
on may 1 2012 chase inc. purchases 60000 of 10-year 8 manus corporation bonds dated march 1 2012 at 100 plus accrued
These are the only repairs required in 2010 for this copier. Based on experience, Lee expects to incur warranty costs equal to 3% of dollar sales. It records warranty expense with an adjusting entry at the end of each year
You note that the carload was shipped December 24 from Albuquerque, f.o.b. Albuquerque, and that the total invoice price of the goods in the car was $35,300. The freight bill called for a payment of $1,500. Terms were net 30 days. The bookkeeper a..
burke interior decorators issued a 60-day 9 note for 15000 dated march 3 to loree fur- niture company on
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