Homework Answers
Answer 14: “US generally accepted accounting principles (GAAP) require the use of lower of cost or market valuation basis for inventories.”
This is because under US GAAP, inventory is recorded as the lower of cost or market value of the inventory. Through this the GAAP wants to have inventory cost which is showing true value. The net realizable value of the inventory is selling price net of any estimated costs associated to the inventory. The IFRS do requires the net realizable value of the inventory.
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Question 14 Which of the following statements about inventories is true? During inflation LIFO inventory accounting...
Question 9 1p Which of the following statements is true regarding generally accepted accounting principles (GAAP)?...
Question 9 1p Which of the following statements is true regarding generally accepted accounting principles (GAAP)? GAAP is a set of laws GAAP is subject to change as conditions warrant Under GAAP, if two companies engage in the same transactions, they must choose the same accounting methods U.S. GAAP is the same as GAAP in other countries Next Previous MacBook DII FS F8 F7 F6 F5 F4 F3 & 9 6 5 26 LO
Question 14 (0.2 points) Which of the following rules apply to the financial statements of public...
Question 14 (0.2 points) Which of the following rules apply to the financial statements of public companies in the United States? [SELECT ALL THAT APPLY] Must produce a balance sheet, income statement, statement of cash flows, and statement of stockholders' equity Must be produced according to GAAP, the Generally Accepted Accounting Principles Must be reviewed by an independent auditor
This Question! 1 pt 7 of 40 (3 complete) Which of the following statements is true...
This Question! 1 pt 7 of 40 (3 complete) Which of the following statements is true regarding managerial accounting information? O A. Managerial accounting information must be prepared in conformity with Generally Accepted Accounting Principles (GAAP). OB. Managerial accounting information is prepared annually and quarterly. O c. Managerial accounting information is audited by CPAs. OD. Managerial accounting information emphasizes relevance. Click to select your answer. 900098 | 15. *71
Which of the following is NOT true about financial statements?
5.Which of the following is NOT true about financial statements?the balance sheet reports the financial position of a business at a particular point in timethe income statement reports the net cash received during the period as a result of operating activitiesthe statement of cash flows reports the inflows and outflows of cash for the periodthe statement of stockholders' equity includes information about net income and dividends for the period6.Which of the following best describes the purpose of the balance sheet?summarize...
Problem 8-1 The following independent situations relate to inventory accounting. Answer the following questions about inventories....
Problem 8-1
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Metlock Co. purchased goods with a list price of $168,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Metlock Co. record as the cost of these
goods?
Cost of goods purchased
$
Windsor Corp. had 1,880 units of part M.O. on hand May 1, 2017,
costing $29 each. Purchases of part M.O. during May were as...
Problem 8-01 The following independent situations relate to inventory accounting. Answer the following questions about inventories....
Problem 8-01
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Kingbird Co. purchased goods with a list price of $177,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Kingbird Co. record as the cost of these
goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Oriole Company’s inventory of $1,113,100 at December 31,...
37. Indicate whether each of the following describes an accounting treatment that is acceptable u...
37. Indicate whether each of the following describes an accounting treatment that is acceptable under IFRS, U.S. GAAP. both, or neither, by checking the appropriate box. Page 153 Acceptable Under . A company takes out a loan to finance the construction of a building that will be used by IFRS U.S. GAAP Both Neither the company. The interest on the loan is capitalized as part of the cost of the building. Inventory is reported on the balance sheet using the...
The current year's net earnings were $8,019,000 or $0.65 per diluted share, compared with $32,067,000 or $2.63 per dilu...
The current year's net earnings were $8,019,000 or $0.65 per diluted share, compared with $32,067,000 or $2.63 per diluted share, last year. These results reflect the Company's decision to implement the LIFO (last-in, first-out) inventory valuation method effective December 30, 2007 (fourth quarter). The effect of this change was to reduce annual pretax earnings by $28,165,000 and net earnings by $18,307,000 or $1.50 per share ($1.49 diluted) below that which would have been reported using the Company's previous inventory method....
Analysis of Inventory Disclosure Foot Locker, Inc. is a specialty athletic retailer that operates approximately 3,220...
Analysis of Inventory Disclosure
Foot Locker, Inc. is a specialty athletic retailer that
operates approximately 3,220 stores in 27 countries in North
America, Europe, Asia, Australia, and New Zealand. Through its Foot
Locker, Kids Foot Locker, Lay Foot Locker, Champs Sports,
Footaction, Runner Point, Sidestep, and SIX:02 retail stores, as
well as its direct-to-customer channels, including Eastbya.com, the
Company is a leading provider of athletic footwear and
apparel.
We selected disclosures related to Foot Locker
Company’s’ inventory for the fiscal...
a. Which of the following statements about managerial accounting is true? 1) Managerial accounting information is...
a. Which of the following statements about managerial accounting is true? 1) Managerial accounting information is prepared for external users. 2) Managerial accounting information is a legal requirement. 3) The structure of managerial accounting practice is relatively flexible. 4) There are structured standards of acceptability for managerial accounting. b. Which of the following statements is incorrect with regard to a manufacturing firm? 1) Inventoriable costs include only prime costs. 2) Inventoriable costs include prime costs and manufacturing overhead costs. 3)...
Question 9 1p Which of the following statements is true regarding generally accepted accounting principles (GAAP)? GAAP is a set of laws GAAP is subject to change as conditions warrant Under GAAP, if two companies engage in the same transactions, they must choose the same accounting methods U.S. GAAP is the same as GAAP in other countries Next Previous MacBook DII FS F8 F7 F6 F5 F4 F3 & 9 6 5 26 LO
Question 14 (0.2 points) Which of the following rules apply to the financial statements of public companies in the United States? [SELECT ALL THAT APPLY] Must produce a balance sheet, income statement, statement of cash flows, and statement of stockholders' equity Must be produced according to GAAP, the Generally Accepted Accounting Principles Must be reviewed by an independent auditor
This Question! 1 pt 7 of 40 (3 complete) Which of the following statements is true regarding managerial accounting information? O A. Managerial accounting information must be prepared in conformity with Generally Accepted Accounting Principles (GAAP). OB. Managerial accounting information is prepared annually and quarterly. O c. Managerial accounting information is audited by CPAs. OD. Managerial accounting information emphasizes relevance. Click to select your answer. 900098 | 15. *71
Problem 8-1
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Metlock Co. purchased goods with a list price of $168,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Metlock Co. record as the cost of these
goods?
Cost of goods purchased
$
Windsor Corp. had 1,880 units of part M.O. on hand May 1, 2017,
costing $29 each. Purchases of part M.O. during May were as...
Problem 8-01
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Kingbird Co. purchased goods with a list price of $177,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Kingbird Co. record as the cost of these
goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Oriole Company’s inventory of $1,113,100 at December 31,...
37. Indicate whether each of the following describes an accounting treatment that is acceptable under IFRS, U.S. GAAP. both, or neither, by checking the appropriate box. Page 153 Acceptable Under . A company takes out a loan to finance the construction of a building that will be used by IFRS U.S. GAAP Both Neither the company. The interest on the loan is capitalized as part of the cost of the building. Inventory is reported on the balance sheet using the...
The current year's net earnings were $8,019,000 or $0.65 per diluted share, compared with $32,067,000 or $2.63 per diluted share, last year. These results reflect the Company's decision to implement the LIFO (last-in, first-out) inventory valuation method effective December 30, 2007 (fourth quarter). The effect of this change was to reduce annual pretax earnings by $28,165,000 and net earnings by $18,307,000 or $1.50 per share ($1.49 diluted) below that which would have been reported using the Company's previous inventory method....
Analysis of Inventory Disclosure
Foot Locker, Inc. is a specialty athletic retailer that
operates approximately 3,220 stores in 27 countries in North
America, Europe, Asia, Australia, and New Zealand. Through its Foot
Locker, Kids Foot Locker, Lay Foot Locker, Champs Sports,
Footaction, Runner Point, Sidestep, and SIX:02 retail stores, as
well as its direct-to-customer channels, including Eastbya.com, the
Company is a leading provider of athletic footwear and
apparel.
We selected disclosures related to Foot Locker
Company’s’ inventory for the fiscal...
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