IIM INDORE PGP 2015-17 FINANCIAL ACCOUNTING & CONTROL ASSIGNMENT-2 This assignment is intended to help you practice solving problems and get concept clarity on two topics: Cash Flow Statement and Inventory Valuation. Attempt all questions and submit by 31st Aug 2015. 1. S Co. entered into the following transactions: a. Paid suppliers b. Received dividend from an associate. c. Sold investments at a gain. d. Purchased copyrights with cash. e. Issued debentures in exchange
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an individual is in any type of a leadership role with their employer, it will be necessary to communicate with other department managers and possibly even upper level management. In this scenario, the boss has requested an overview of LIFO versus FIFO as it would apply to their company. The memo that will be submitted to the boss must be professional. The figures presented in the memo should be as precise as possible so that company officials will not be misled. The use of jargon in a memo is
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(Gray & Ehoff Jr., 2014). What are the differences between U.S. GAAP and IFRS? U.S. GAAP allows numerous ways, such as retail method, to determine the cost of inventory. The three simple and most popular methods used include: 1) first-in, first-out (FIFO), 2) last-in, first-out (LIFO), and weighted average (Gray & Ehoff Jr., 2014). Once the cost is evaluated, the LCM rule is applied to the result to decide the monetary value to be stated in the financial reports. The LCM reflects a “conservative approach”
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Week 6 Individual Estimating Inventory and Preparing Multiple-Step and Single-Step Income Statements Assignment Guidelines: Problem 5-4A **Please see assignment in text on pg. 212 for complete directions. 1. Compute the company’s net sales for the year. 2. Compute the company’s total cost of merchandise purchased for the year. 3. Prepare a multiple-step income statement that includes separate categories for selling expenses and for general and administrative expenses. 4. Prepare
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4-2 Price to earnings ratio Market value per share/Net value per share During a period of rising prices, we would expect a LIFO firm to report lower net income than a FIFO firm, other things equal. Also, for a rapidly growing firm, we would expect it to report lower net income than if it used straight-line. Thus, even though their reported net incomes are the same, a dollar of current net income suggests higher expected future payoffs for firm A than firm B. Since investors value higher future
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| | | | |4-3. |With inflation, what are the implications of using LIFO and FIFO inventory methods? How do they affect the
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We evaluate their financial condition each reporting period by focusing primarily on cash provided by operating activities, their current ratio, the turnover rate of our accounts receivable and inventories, the amount and reasons for changes in cash used in investing activities, the amount and reasons for changes in cash provided by financing activities and our cash and cash equivalents and short-term investments position at period end. their conservative financial practices have served us well in
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1. Bank statement received by bank =$2,950.00 Check# 124 payment less or didn’t return from bank = $1080 Check# 138 payment less or didn’t return from bank = $720 Transit payment = $3200 Adjusted Bank Balance = $4350 Broom showed checking account balance =$4010 Charging for check printing= $12 Charging for NSF check = $18 Withdrawal record missing by Broom =$30 Note collected for Broom by bank =$400 Adjusted Book Balance =
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Assignment: Cost Accounting Applied Professor Bryan Womack Course Title ACC 350012VA016-1122-001 Cost Accounting February 26, 2012 Companies that are successful financially know what their costs are and how those costs are being spent. The company I have chosen wants to change from a general accounting system where costs are put in general categories and they currently do not have any allocation of costs
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First in, First out or FIFO is an inventory method wherein the item that arrived first will also be the first to be shipped out to the customer. The cost of goods sold is charged during the sale of an item. This is most applicable to goods with an expiration date such as grocery items to prevent spoilage. Last in, First Out or LIFO is an inventory method wherein the item that has recently arrived will be the first to be shipped out to the customer. The price of the items is valued at the current
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