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During 2012, Crop-Paper-Scissors, a craft store, changed to the LIFO method of accounting for inventory. Suppose that during 2013 they switch back to the FIFO method and the following year switch back to LIFO again.
Requirements:
1. What would you think of a company's ethics if it changed accounting methods every year?
2. What acounting principle would changing every year violate?
3. Who can be harmed when a company changes its accounting methods too often? How?
On August 5, 2011, Tanner sold the house for $570,000. Tanner paid a sales commission of $30,000 and legal fees of $800 connected with the sale of the house. What is Tanner's recognized gain on the sale of the house?
Analyze each transaction by identifying the account or accounts to be debited and credited and prepare a journal entry for each in the proper format.
What is the minimum transfer price Division A should charge for internal transfers? What is the maximum price Division B would be willing to pay? Why should Division A reduce its price to Division B?
In 2003, Roland, who is single, purchased a personal residence for $340,000 and took out a mortgage of $200,000 on the property. In May of the current year, when the residence had a fair market value of $440,000 and Roland owed $140,000 on the mor..
A company's flexible budget for 48,000 units of production showed variable overhead costs of $72,000 and fixed overhead costs of $64,000. The company incurred overhead costs of $122,800 while operating at a volume of 40,000 units. The total contro..
Discuss the proper accounting treatment of $273,000 ($714,000 − $441,000) by which the cost of the first machine exceeded the cost of subsequent machines.
Activity-based budgeting includes all the following steps EXCEPT:
Millward Corporation's books disclosed the following information for the year ended December 31, 2011: Millward's accounts receivable turnover is
Let's discuss the various capital budgeting methods most often used, such as the payback method, the accounting rate of return, net present value, and internal rate of return. Which of these methods are discounted and which are not? What are some ..
John Roberts is 60 years old and has been asked to accept an early retirement from his company. The company has offered John three alternative compensation packages to induce John to retire.
The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:
Rapid Auto has over 200 auto-maintenance service outlets nationwide. It provides primarily two lines of service: oil changes and brake repair.
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