income statement. In order to remain solvent, the company needed an additional working capital immediately. Hence, a decision had to be reached on these matters quickly. | | | No of Words | 1684 | | | Questions Covered | 1. Is Dobbins using LIFO or FIFO? Which should it use?2. Please provide a uFCFF and Intrinsic Firm Value for Dobbins: a. As if it had not increased production; and b. Given its increases in production.3. In your opinion, what costs should be included in Dobbins's inventory
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percent, respectively, of the total assets and revenues of the entity being audited. 7. A company has changed the remaining life of a significant asset from 12 to 10 years. You believe that the change is reasonable. 8. A company changes from FIFO to LIFO for inventory valuation and you concur with the change. The change has an immaterial effect on the entity's financial statements this year, but it is expected to have a material effect in the future. 9. Your client is a defendant in a major
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Gross Method | Record sale (full price) | Accounts Rec | | Sales Rev | Discounted Payment | Cash | Sales Discounts | | Accounts Rec | Post discount period payment | Cash | | Accounts Rec | Net Method | Record sale (net discount) | Accounts Rec | | Sales Rev | Record payment | Cash | | Accounts Rec | Add interest rev (post discount) | Cash | | Accounts Rec | | Interest Revenue | Sales Returns | Sales Returns | | Accounts rec | Inventory |
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needs to be both unusual and infrequent. However, there is an exception for material items - for one-time items that are extremely large, firms have the option of classify these items as extraordinary to provide better information to investors. 8) LIFO inventory costing yields more accurate reporting of the inventory balance on the balance sheet.F 9) Available-for-sale is the only classification that requires fair-value accounting.F 10) For tax purposes, companies typically transfer more of
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Preamble [Not Part of the Accounting Standards Codification] This HTML transformation of the FASB Accounting Standards Codification is provided by Public.Resource.Org as a public service. Please note that these documents are based on the 2011 printed version of the codification, which is out of date. For the latest, authoritative version of these standards, we recommend you consult https://asc.fasb.org/ which is provided by the Financial Accounting Standards Board. End of Preamble [Not Part of the
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Analysis of Financial Statements (MBA) Project Instructions Project writing is not a difficult task at all. However, it is an art by which the writer represents his point of view in a way that it looks professional, clear and comprehensive, and finally leaves a long lasting impression on the reader. Ethics of project writings: Project writing has some ethics which must have to be followed by the writer in order to make a professional project. Emphasis on these ethics will make you learn how
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Analysis of Working Papers of ABC Company Upword Accounting, LLC, in response to concerns regarding requests for information within the working papers, has prepared details to address questions pertaining to the following specific elements: • Adjusting lower cost of market inventory on valuation • Capitalizing interest on building construction • Recording gain or loss on asset disposal • Adjusting goodwill for impairment The details will incorporate the
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BUS 599 SLP 1 Simulation strategies assist in making management decisions since it's measurable and can be evaluated by carrying out production, pricing and marketing strategies. As an example in making decisions concerning the five products, simulation strategies can be implemented based on revenue accumulation and profit margins. The simulation strategy will mainly concentrate on revenue recognition which refers to an accounting principle that involves cash basis accounting and accrual basis accounting
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of Accounts Receivable, with or without a discount • Income statement of merchandising company (multi-step) • Cost of Goods Sold Calculation for periodic method • Gross profit rate and profit margin ratio Chapter 6 • Cost Flow Assumptions (FIFO, LIFO, Average methods) Use each method to calculate Ending Inventory and/or Cost of Goods Sold • Effect of different cost flow methods (and errors made) on both the Balance Sheet and Income Statement • Shipping terms/ownership (F.O.B; consignment)
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Supplies Inventory Prepaid Insurance Non-Current Display Shelving Computer Equipment Total Assets Liabilities Current Creditors Accruals Non-Current Bank Loan Total Liabilities Net Assets Owners Equity Inventory c) d) e) f) Balance as above Assume FIFO Assume LIFO Assume SP is $1 Quantity Unit Price 1,200 1.35 1,200 1,200 1,200 N/A N/A 0.90 Total $ 1,620 1,680 1,540 1,080 27,060 110 1,620 600 29,390 2,000 2,080 4,080 33,470 230 190 420 10,000 10,420 23,050 46,100
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