|[pic] |Course Syllabus | | |School of Business | | |QRB/501 Version 2 | |
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Harnischfeger 1.) Effective November 1, 1983 the corporation includes its net sales products purchased from Kobe Steel, Ltd and sold by the corporation transactions with Kobe. During the fiscal year 1984 such sales aggregated $28 million, previously only the gross margin on Kobe originated equipment. In 1984, Harnischfeger changed its accounting policy on depreciation. Previously before the corporation used an accelerated method for its US plants. The new policy employs a straight-line method
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Directions Read the “Harnischfeger Corp” case study and answer the following questions. Submit your completed assignment no later than the last day of Week 2. 1. Describe clearly the accounting changes Harnischfeger made in 1984 as stated in Note 2 of its financial statements. After reviewing the accounting policies of other corporations in similar industries, Harnischfeger decided to adjust their depreciation method. Instead of continuing to use the accelerated method for depreciating their US
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1. Describe clearly the accounting changes Harnischfeger made in 1984 as stated in Note 2 of its financial statements. The following summarize the accounting changes made and noted by Harnischfeger: a. Included equipment purchased and resold from Kobe LTD in net sales (full sales amount) as opposed to disclosing only margin. Since the purchase of equipment from Kobe Steel, Ltd. was for the purpose of resale (vs. use or lease), this change more accurately reflects net sales. b. Financial
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The controversy about the initiative to wipe out the LIFO inventory technique seems that is not a piece of cake. Actually is so controversial that is putting companies, which are using LIFO in real problems. Some of the reason that companies had been using LIFO is because the benefits of paying less tax and also for book purposes. What I think about the three options of eliminate LIFO either for financial accounting or tax purposes, or not allowing it for financial accounting purposes but allowing
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ACC211 Homework Chapter 8 Click Link Below To Buy: http://hwcampus.com/shop/acc211-homework-chapter-8-17/ Brief Exercise 8-8 Midori Company had ending inventory at end-of-year prices of $138,500 at December 31, 2013; $165,771 at December 31, 2014; and $181,366 at December 31, 2015. The year-end price indexes were 100 at 12/31/13, 113 at 12/31/14, and 118 at 12/31/15. Brief Exercise 8-8 Brief Exercise 8-9 Your answer is correct. Arna, Inc. uses the dollar-value LIFO method
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Tax Return Problem 1 (TRP 1) Corporate Tax Return Information The Snap-It-Open Corporation incorporated and began operations on January 15, 2002. Its address is 3701 Commerce Drive, Baltimore, MD 23239. Its employer identification number is 69-7414447. It elects to file its initial tax return for 2002 as a calendar-year corporation and uses the accrual method of accounting. It elects the LIFO method of inventory valuation. Jason Sprull (SSN 333-33-3333) and Martin Winsock (SSN 555-55-5555)
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Assisnment PrintView Page of 12 I C*N,WL awar0: 4 t . 10 points priceof purchased with an invoice taos Company merchandise resalefrom TusconCompany for Taospaidwithin the n160. merchandise costTuscon The had and termsof 2110, $14,322. $21,000 credit period. inventory system. Assume bothbuyer seller a perpetual that and use discount (Omit the "$" sign in your l(a)Prepare entriesthat the buyershouldrecordfor the purchase. response.) General Journal Merchandise inventory payable lAccounts
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Impact of LIFO Accounting When discussing IFRS vs. GAAP regarding inventory, LIFO Accounting is one of the most controversial topics. Although LIFO is hardly used globally, it is heavily used in the United States. A shift from LIFO would have a significant effect on US companies specifically because tax law requires any company that uses LIFO for tax purposes to also use it for book accounting according to Internal Revenue Code (IRC) §472(c). Since IFRS disallows LIFO Accounting, US companies will
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Question B i. For the first Jim’s proposal which is to accelerate the production and shipment of a large order to Imperial, in my opinion Jim proposal is a good earning management because under literature, Scott 2000, state that there are two type of efficient earning management and opportunistic earning management. While for this proposal it falls under efficient earning management. This is because Jim is trying to improve earnings informativeness in communicating private information. Jim is
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