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Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material effect on the financial statements for the current year of your business enterprise.1. A change from including the employer share of FICA taxes with payroll tax expenses to including it with "Retirement benefits" on the income statement.2. Correction of a mathematical error in inventory pricing made in a prior period.3. A change from presentation of statements of individual companies to presentation of consolidated statements.4. A change in the method of accounting for leases for tax purposes to conform with the financial accounting method. As a result, both deferred and current taxes payable changed substantially.5. A change from the FIFO method of inventory pricing to the LIFO method of inventory pricing.
Assume that you are the president of Gaslight company. At the end of the year (December 31, 2011 of operation.
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Illustration of Retirement of a partner A, B and C have been trading as equal partners having capital contributions of £500,000 and £400,000 and £300,000 respectively as at 1st
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