1. (TCO A) Below you will find selected information (in millions) from Coca-Cola Co.’s 2012 Annual Report: Income Taxes Payable $471 Short-term Investments and Marketable Securities 8,109 Cash 8,442 Other non-current Liabilities 10,449 Common Stock 1,760 Receivables 4,812 Other Current Assets 2,973 Long-term Investments 10,448 Other Non-current Assets 3,585 Property, Plant and Equipment 23,486 Trademarks 6,527 Other Intangible Assets 20,810 Allowance for Doubtful Accounts 53 Accumulated
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Final Project Similarities and Differences between U.S.GAAP and iGAAP – Intangible Assets The global economy is regulated by two main accounting systems: (1) United States Generally Accepted Accounting Principles, also known as U.S. GAAP, and the (2) International Generally Accepted Accounting Principles, also known as iGAAP. As the abbreviations dictate, U.S. GAAP are the standards that regulate U.S. accounting procedures and iGAAP are standards that regulate international organizations. Both
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different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5) LIFO will have the highest ending inventory FIFO will have the highest cost of goods sold All three companies will have the same value for ending inventory. average cost will have an ending inventory value that falls between FIFO and LIFO 6. (TCOs A, E) Equipment with a cost of $192,000 has an estimated salvage value of $18,000 and an estimated life of 4 years or
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Accounting Exam #1 Chapter 1 Organizing a business Proprietorship – proprietor – one, proprietor is personally liable Single owner, small retail stores, Partnership – Partnerss – two, partners are personally liable Not a taxpaying entity, income passes through to partners Governement by an agreement Mutual agency – each partner can act on behalf of the entity Unlimited liability Involve risk – limited liability partnerships lessen risk LLC – Members, Members are not personally
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Summary Comparing different companies under different rules, or comparing one company in different time period can be complicating and often misleading when differences in accounting methods are not captured. In this essay, I will start the analysis by examining each firm’s change in accounting methods compared to their previous year. Then I will move on to comparing the three companies’ ratios to conduct analysis of each company based on the DuPont Method. In addition, I will also look at how changes
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IAS 2 International Accounting Standard 2 Inventories This version includes amendments resulting from IFRSs issued up to 17 January 2008. IAS 2 Inventories was issued by the International Accounting Standards Committee in December 1993. It replaced IAS 2 Valuation and Presentation of Inventories in the Context of the Historical Cost System (originally issued in October 1975). The Standing Interpretations Committee developed SIC-1 Consistency—Different Cost Formulas for Inventories, which was
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Harnischfeger 1. In Note 2 of Harnischfeger’s financial statement, the company included net sales of the construction crane products purchased from Kobe Steel, which was previously only reported in the gross margin. Additionally, financial statements of some foreign subsidiaries were included because their fiscal years ended July 31, 1984. An increase in net sales was reported by $5.4 million. Historically, Harnischfeger reported the depreciation at a principally accelerated rate. In 1984, the depreciation
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Step 1: Identify the problem(s) and uncertainties. What exactly is the problem… Customers (Sears & True Value Hardware) have been complaining about late shipments.Unreliable forecasting for Padreto items (i.e. Bow Rake) | The problem is this … The production department do not know how marketing is coming up with their forecasts.There are usually shortages toward the end of the yearForecasts are done by the month for the following yearForecasts are usually reduced by at least 10 percent
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incurred Question 5. 5. (TCO D) Three companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5) LIFO will have the
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BUS/475 Capstone Final Examination Part 2 (47/50) 1. Which of the following is not a current liability on December 31, 2014? • A lawsuit judgment to be decided on January 10,2015 2. Continuous monitoring, in the contemporary approach, is beneficial because_____________. • It reduces time lags 3. The acquisition of treasury stock by a corporation: • decreases its total assets and total stockholders’ equity. 4. You work in marketing for a company that produces work boots. Quality control
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