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Your client has asked you to provide guidance on the following potential accounting changes:(1) Change from straight-line method of depreciation to sum-of-the-years'-digits(2) Change from the cash basis to accrual basis of accounting(3) Change from FIFO to LIFO method for inventory valuation purposes(4) Change from presentation of statements of individual companies to presentation of consolidated statements(5) Change due to failure to record depreciation in a previous period(6) Change in the realizability of certain receivables(7) Change from LIFO to FIFO method for inventory valuation purposesREQUIRED:For each of the items above:• Indicate the type of accounting change, using one of the following codes:E - Change in estimateEP - Change in estimate resulting from change in principleN - Not an accounting change (correction of an error)PP - Change in principle reported prospectivelyPR - Change in principle reported retrospectivelyR - Change in reporting entity• Indicate whether or not restatement of prior year financial statements is necessary.• Indicate whether the cumulative effect on prior years' income is reported.
3. Yarman Inc. began business on January 1, 2013. Its pretax financial income for the first 2 years was as follows:2013 $ 95,0002014 $180,000
COST PROFIT VOLUME ANALYSIS Cost profit volume (CVP) analysis is an essential tool for profit planning. It can be explained as - ' a managerial tool showing the relationship a
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Assume that $140,000 of Denham Springs school dostrict 8% bonds are sold on the bond issue date for $128,598 interest is payable semiannually, and the bonds mature in 15 years. The
A bank in a medium-sized midwestern city, Firm X, currently charges $1 per transaction at its ATMs. To determine whether to raise price, the bank managers experimented with a n
What are the limitations of unit cost.
(i) Describe the difference between the balance sheet and the income statement in financial statements of companies. (ii) Give two examples of intangible assets and two exampl
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Win Corporation sells a single product. Budgeted sales for the year are anticipated to be 609,725 units, estimated beginning inventory is 107,791 units, and desired ending inventor
fifo method questions
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