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A21-1 Overview-Types of Accounting Changes: Analyze each case and choose a letter code under each category...
Analyze each case and choose a letter code under each category (type and approach) to indicate the preferable accounting for each case.
jAnalyze each case and choose a letter code under each category (type and approach) to indicate the preferable accounting for each case.TypeApproachP = PolicyRWR = Retrospective with restatementE = EstimateRNR = Retrospective with no restatementAE = Accounting error P = ProspectiveUsed the instalment sales method in the past five years; an internal audit revealed that use of this method was intended to delay revenue recognition, even though the customers were ...
Choose the correct answer 1) When a change in accounting principle is reported, what is likely...
Choose the correct answer 1) When a change in accounting principle is reported, what is likely sacrificed? A.Relevance. B.Consistency. C.Conservatism. D.Representational faithfulness. 2)Which of the following changes should be accounted for using the retrospective approach? A. A change in the estimated life of a depreciable asset. B. A change from straight-line to declining balance depreciation. C. A change in policy increasing product warranty period from 1 year to 2 years for new products. D. A change from the completed-contract method...
In the blank to the left of each question, fill in the letter from the following...
In the blank to the left of each question, fill in the letter from the following list who the presentation of the item on the financial statements of Helton Corporation to er from the following list which best describes a. Change in estimate b. Prior period adjustment (not due to change in principle) C. Retrospective type accounting change with note disclosure d. None of these choices 1. the in 2018, the company changed its method of recognizing income from completed-contract...
Each of the following situations occurred during 2016 for one of your audit clients, The Stride...
Each of the following situations occurred during 2016 for one of your audit clients, The Stride Well Company: -The write-off of inventory due to obsolescence. -Discovery that depreciation expenses were omitted by accident from 2015’s income statement. -The useful lives of all machinery were changed from 8 to 5 years. -The depreciation method used for all equipment was changed from the declining balance to the straight-line method. -Restructuring costs were incurred. -The Stride Well Company, a manufacturer of shoes, sold...
1. At December 21, 2016, the client had a receivable of $820,000 from Hendricks, Inc on...
1. At December 21, 2016, the client had a receivable of $820,000 from Hendricks, Inc on its balance sheet. Hendricks Inc. has gone bankrupt, and no recovery is expected. The client proposes to write off the receivable as a prior period item. 2. The client proposes the following changes in depreciation policies. a) For office furniture and fixtures, it proposes to change from 10-year useful life to an 8-year life. If this change had been made in prior years, retained...
Judgment Case 4-6 (Static) Income statement presentation (L04-3, 4-4, 4-5] Each of the following situations occurred...
Judgment Case 4-6 (Static) Income statement presentation (L04-3, 4-4, 4-5] Each of the following situations occurred during 2021 for one of your audit clients: 1. An inventory write-down due to obsolescence. 2. Discovery that depreciation expenses were omitted by accident from 2020's income statement. 3. The useful lives of all machinery were changed from eight to five years. 4. The depreciation method used for all equipment was changed from the declining-balance to the straight-line method. 5. Restructuring costs were incurred....
P21.1 Nadeau Company, a small company following ASPE, is adjusting and correcting its books at the end of 2020. In reviewing its records, it compiles the following information. Nadeau has failed to accrue sales commissions payable at the end of each of t
P21.1 Nadeau Company, a small company following ASPE, is adjusting and correcting its books at the end of 2020. In reviewing its records, it compiles the following information.Nadeau has failed to accrue sales commissions payable at the end of each of the last two years, as follows (the correct amounts were paid):Dec. 31, 2019$6,200Dec. 31, 2020$3,800In reviewing the December 31, 2020 inventory, Nadeau discovered errors in its inventory-taking procedures that have caused inventories for the past three years to be incorrect,...
Kingbird Inc. has recently hired a new independent auditor, Karen Ogleby, who says she wants “to get everything straight...
Kingbird Inc. has recently hired a new independent auditor, Karen Ogleby, who says she wants “to get everything straightened out.” Consequently, she has proposed the following accounting changes in connection with Kingbird Inc.’s 2020 financial statements. For each of the changes described above, decide whether: (1) The change involves an accounting principle, accounting estimate, or correction of an error. (2) Restatement of opening retained earnings is required. (1) (2) 1. At December 31, 2019, the client had a receivable of...
Splish Inc. has recently hired a new independent auditor, Karen Ogleby, who says she wants "to...
Splish Inc. has recently hired a new independent auditor, Karen Ogleby, who says she wants "to get everything straightened out" Consequently, she has proposed the following accounting changes in connection with Splish Inc's 2020 financial statements. Your answer is partially correct. For each of the changes described above, decide whether: (1) The change involves an accounting principle, accounting estimate, or correction of an error. (2) Restatement of opening retained earnings is required. (1) (2) 1. At December 31, 2019, the...
Problem 20-13 Accounting changes and error correction; seven situations; tax effects considered [LO20-1, 20-2, 20-3, 20-4,...
Problem 20-13 Accounting changes and error correction; seven situations; tax effects considered [LO20-1, 20-2, 20-3, 20-4, 20-6] Williams-Santana, Inc., is a manufacturer of high-tech industrial parts that was started in 2006 by two talented engineers with little business training. In 2018, the company was acquired by one of its major customers. As part of an internal audit, the following facts were discovered. The audit occurred during 2018 before any adjusting entries or closing entries were prepared. The income tax rate...
In the blank to the left of each question, fill in the letter from the following list who the presentation of the item on the financial statements of Helton Corporation to er from the following list which best describes a. Change in estimate b. Prior period adjustment (not due to change in principle) C. Retrospective type accounting change with note disclosure d. None of these choices 1. the in 2018, the company changed its method of recognizing income from completed-contract...
Judgment Case 4-6 (Static) Income statement presentation (L04-3, 4-4, 4-5] Each of the following situations occurred during 2021 for one of your audit clients: 1. An inventory write-down due to obsolescence. 2. Discovery that depreciation expenses were omitted by accident from 2020's income statement. 3. The useful lives of all machinery were changed from eight to five years. 4. The depreciation method used for all equipment was changed from the declining-balance to the straight-line method. 5. Restructuring costs were incurred....
P21.1 Nadeau Company, a small company following ASPE, is adjusting and correcting its books at the end of 2020. In reviewing its records, it compiles the following information.Nadeau has failed to accrue sales commissions payable at the end of each of the last two years, as follows (the correct amounts were paid):Dec. 31, 2019$6,200Dec. 31, 2020$3,800In reviewing the December 31, 2020 inventory, Nadeau discovered errors in its inventory-taking procedures that have caused inventories for the past three years to be incorrect,...
Splish Inc. has recently hired a new independent auditor, Karen Ogleby, who says she wants "to get everything straightened out" Consequently, she has proposed the following accounting changes in connection with Splish Inc's 2020 financial statements. Your answer is partially correct. For each of the changes described above, decide whether: (1) The change involves an accounting principle, accounting estimate, or correction of an error. (2) Restatement of opening retained earnings is required. (1) (2) 1. At December 31, 2019, the...
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