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Your client has asked you to provide guidance on the following potential accounting changes:(1) Change from straight-line method of depreciation to sum-of-the-years'-digits(2) Change from the cash basis to accrual basis of accounting(3) Change from FIFO to LIFO method for inventory valuation purposes(4) Change from presentation of statements of individual companies to presentation of consolidated statements(5) Change due to failure to record depreciation in a previous period(6) Change in the realizability of certain receivables(7) Change from LIFO to FIFO method for inventory valuation purposesREQUIRED:For each of the items above:• Indicate the type of accounting change, using one of the following codes:E - Change in estimateEP - Change in estimate resulting from change in principleN - Not an accounting change (correction of an error)PP - Change in principle reported prospectivelyPR - Change in principle reported retrospectivelyR - Change in reporting entity• Indicate whether or not restatement of prior year financial statements is necessary.• Indicate whether the cumulative effect on prior years' income is reported.
3. Yarman Inc. began business on January 1, 2013. Its pretax financial income for the first 2 years was as follows:2013 $ 95,0002014 $180,000
High - Low Method of Cost Estimation Now, cost estimation is based upon the relationship between past level and past cost of activity. Variable cost is based on the relationsh
Target Income Calculations Breaking even is not the bad thing, but surely not a satisfactory outcome for most businesses. In its place, a manager might be more interested in le
A firm of printers is contemplating joining the uniform costing system operated by its Trade Association but the Managing Director is dubious about the benefits of becoming
Accrued liabilities show expenses or obligations incurred in the earlier accounting period but the payment for similar will be made in the subsequent period. In several cases where
A listed entity, had 3,000,000 $1 ordinary shares in issue, On 1 January 2009 CSA.CSA made a bonus issue of 1 for 3, On 1 May 2009. CSA issued 2,000,000 $1 ordinary shares for $3.2
Estimate the Growth rate of stock Data stock price = 53 rate of return= 12% expected dividend = 3.15 Formula : Expected return = (dividend paid + capital
I have a project due this week and I am having slight issues with the transactions. I cannot seem to receive the correct titles under the recordings
You are considering starting a walk-in-clinic. Your financial projections for the first year of operations are as follows: Revenues (10,000 visits) $400
COST CONCEPTS / CLASSIFICATION OF COSTS 1. According to functions Administration cost / office cost Selling cost Production cost / factory cost / manufacturing c
Direct Cost as a Relevant Cost Direct costs may be directly chargeable to a cost center or a product. They may be fixed costs or variable costs whereas it comes to decision-ma
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