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a)The following events occurred during 2013 for various audit clients of your firm. Consider each event to be independent and the effect of each event to be material.
1. A manufacturing company recognized a loss on the sale of investments.2. An automobile manufacturer sold all of the assets related to its financing component. The operations of the financing business is considered a component of the entity.3. A company changed its depreciation method from the double declining balance method to the straight line method.4. Due to obsolescence, a company engaged in the manufacture of high technology products incurred a loss on the write down of inventory.5. One of your clients discovered that 2012's depreciation expense was overstated. The error occurred because of a miscalculation of depreciation for the office building.6. A cosmetics company decided to discontinue the manufacture of a line of women's lipstick. Other cosmetic lines will be continued. A loss was incurred on the sale of assets related to the lipstick product line. The operations of the discontinued line is not considered a component of the entity.Required:Discuss the 2013 financial statement presentation of each of the above events. Do not consider earnings per share disclosures
heathrow issues 2000000 of 6 15-year bonds dated january 1 2011 that pay interest semiannually on june 30 and december
the financial statements for a company included the following information common stock 1750000 retained earnings 950000
Sampson Apparel Incorporated incurred actual variable overhead expenses of $62,000 in the current year for the production of 10,000 units.
Lyman uses straight-line amortization. Ignoring income taxes, the amount reported in Lyman's 2007 income statement from this investment should be ??
mullineaux corporation has a target capital structure of 65 percent common stock 5 percent preferred stock and 30
dicenta corporation reported net income of 283000 in 2012 and had 50000 shares of common stock outstanding throughout
Identify the differences between a service enterprise
howelll audio manufactures military compact discs. the standard hours 27 minutes standard rate per hour 6.40 standard
Draft a memo responding to Sarah Litchfeld
On June 1, 2002, a company purchased on the open market $20,000 of a company's non-convertible (or convertible) bonds (2% of $1,000,000 bonds outstanding) at a price of "60" ($12,000 cash) plus accrued interest.
appendix a the home depot inc. annual report in fundamentals of financial accountingdoes managements assessment of the
the accounting records of clear photography inc reflected the folllowing balances as of january 1 2012.cash-
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