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(Cost Constraint) (Cost Constraint) The AICPA Special Committee on Financial Reporting proposed the following constraints related to financial reporting. 1. Business reporting should exclude information outside of management’s expertise or for which management is not the best source, such as information about competitors. 2. Management should not be required to report information that would significantly […]

(Expense Recognition Principle) (Expense Recognition Principle) Anderson Nuclear Power Plant will be “mothballed” at the end of its useful life (approximately 20 years) at great expense. The expense recognition principle requires that expenses be matched to revenue. Accountants Ana Alicia and Ed Bradley argue whether it is better to allocate the expense of mothballing over […]

Computation of Amount of Rentals) (Computation of Amount of Rentals) Your client, Keith Moreland Leasing Company, is preparing a contract to lease a machine to Souvenirs Corporation for a period of 25 years. Moreland has an invest- ment cost of $365,755 in the machine, which has a useful life of 25 years and no salvage […]

Compute cost of goods sold, assuming Ehlo uses (Compute FIFO, LIFO, Average Cost—Periodic and Perpetual) Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1-Jan Beginning inventory 1,000 $12 4-Feb Purchase 2,000 18 20-Feb Sale 2,500 30 2-Apr Purchase 3,000 23 4-Nov Sale […]

Compute the inventory at April 30 on each of the following bases (Compute FIFO, LIFO, and Average Cost) Hull Company’s record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 100 @ $5.00 April 5 300 4 400 @ 5.10 12 200 11 300 […]

(Dolla r – V alue LIFO) Richardson Company cans a variety of vegetable-type soups (Dolla r – V alue LIFO) Richardson Company cans a variety of vegetable-type soups. Recently, the company decided to value its inventories using dollar-value LIFO pools. The clerk who accounts for inven- tories does not understand how to value the inventory […]

(Classification of Balance Sheet Accounts) Assume that Fielder Enterprises uses the following (Classification of Balance Sheet Accounts) Assume that Fielder Enterprises uses the following headings on its balance sheet. (a) Current assets. (f) Current liabilities. (b) Investments. (g) Long-term liabilities. (c) P r opert y , plant, and equipment. (h) Capital stock. (d) Intangible assets. […]

Purchases Recorded Gross and Net some of the transactions of Purchases Recorded Gross and Net some of the transactions of Torres Company during August are listed below. Torres uses the periodic inventory method. August 10 Purchased merchandise on account, $12,000, terms 2/10, n/30. 13 Returned part of the purchase of August 10, $1,200, and received […]

(Compute FIFO, LIFO, and A verage-Cost) Some of the information found on Compute FIFO, LIFO, and A verage-Cost) Some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows. Received Issued, Balance, Date No. of Units Unit Cost No. of Units No. of Units […]

Subsequent Facts and Events. Subsequent Facts and Events. In connection with their audit of the financial statements of Swan Mfg. Corporation of Ayutthay, Thailand for the year ended December 31, 20X4, Virameteekul, Kanchana & Banharn, Chartered Accountants (CA) review of subsequent events disclosed the following items: 1 January 3, 20X5: The government approved a plan […]