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!
Researching GAAP AICPA Adapted Sometimes a business entity may change its method of accounting for certain items. It may classify the change as a change in accounting principle, a change in accounting estimate, or a change in reporting entity. The following are three situations faced by Hyde Company relating to accounting changes. Situation I Hyde determined that the depreciable lives of its fixed assets are presently too long to fairly match the cost of the fixed assets with the revenue produced. Hyde decided at the beginning of the current year to reduce the depreciable lives of all of its existing fixed assets by 5 years. Situation II On December 31, 2012, Hyde owned 51% of Patten Company, at which time Hyde reported its investment using the cost method, owing to political uncertainties in the country in which Patten was located. On January 2, 2013, the management of Hyde was satisfied that the political uncertainties were resolved and the assets of the company were in no danger of nationalization. Accordingly, Hyde will prepare consolidated financial statements for Hyde and Patten for the year ended December 31, 2013. Situation III Hyde decides in January 2013 to adopt the straight-line method of depreciation for equipment. The straight-line method will be used for new acquisitions, as well as for previously acquired equipment for which depreciation had been provided on an accelerated basis. Directions For each of the preceding situations, research the related generally accepted accounting principles and prepare a short memo to the president that explains the following: type of accounting change; manner of reporting the change under current generally accepted accounting principles, including a discussion, where applicable, of how amounts are computed; effect of the change on the balance sheet and income statement; and note disclosures that would be necessary. Cite your references and applicable paragraph numbers.
The Haskins Company manufactures and sells radios. Each radio sells for $51.25 and the variable cost per unit is $28.75. Haskin's total fixed costs are $52,000.00, and budgeted sales are 28,000.00 units. What is the contribution margin per unit?
Describe fully how each of the items above should be reported in the financial statements of Arenes Corporation for the year 2012.
Which of the following is a FALSE statement characterizing managerial accounting.
Terminal Value plays an important role in enterprise valuation. What factors affect the estimate of Terminal Value? How sensitive enterprise valuation is to Terminal value? After choosing a set of input parameters yourself or using the numbers givn b..
What amount should Reve report as net cash used in investing activities - what amount should Reve report as net cash provided by financing activities?
Determine the inventory cost by the first-in, first-out method and determine the inventory cost by the last-in, first-out method.
EPS (Earnings Per Share) Problem (Earnings Per Share) The stockholders' equity section of Sosa Corporation appears below as of December 31, 2010. 6% preferred stock.
Evaluate the effectiveness of the firm's stakeholder in the event that a third-party accounting system suffers a breach.
CFO- Are cash flow that are directly related to earning income. Example, collecting cash from costumers, pay salaries, pay bills, pay to suppliers.
F., Inc. and H. Inc. formed a business combination on 1/1/2012, when Fred acquired a 60% interest in H's common stock for $312,000 in cash. The book value of H's assets and liabilities on that day totaled $300,000 and the fair value of the non-contro..
Discuss the expected effect on income (1) in the year that Wal-Mart makes the changes in its revenue recognition policy, and (2) in the years following the change.
Construct in good form the operating activities section of the companys statement of cash flows for the year using the direct method.
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