1.0 Introduction Ryan C. Fuhrmann explains that an investing activity usually refers to cash spent on investments in capital assets such as plant and equipment‚ which is collectively referred to as capital expenditure‚ or capex Its mean that investing activities refer to Assets are resources controlled by company for the purposed of generating profit. The assets can classified into two (2) types- current and noncurrent: (1) Current asset (short term) is resources or claims to resources (balance
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EXECUTIVE SUMMARY For over 70 years‚ US taxpayers have been able to value the cost of their inventories using the last-in‚ frst-out inventory method of accounting (LIFO). In general‚ to use LIFO for federal income tax purposes‚ taxpayers must also use LIFO for fnancial reporting purposes (herein referred to as the LIFO conformity requirement). The use of LIFO for fnancial reporting purposes is not permitted under International Financial Reporting Standards as promulgated by the International Accounting
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CIS 8060 Case Brief Grade Assessment Group Number/Name: The A-team Student Names: Paul Tran‚ Sukumar Pant‚ Vaibhav Choudhary Criteria Score and Comments Identifying Problems & Issues [15 points] • Use of case facts to diagnose core problems and issues • Effectiveness in framing the problem & issues Analysis of Issues [50 points] • Meaningful criteria identified for the analysis of problems and issues • Effective use of case data • Application of concepts and theories • Insightful
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1.When a specific account receivable is written off‚ the entry A) increases net income. B) decreases net income. C) can either decrease or increase net income. D) has no effect on net income.2.Echo Company’s 2011 beginning and ending accounts receivable balances were $72‚500 and $41‚250 respectively. During 2011‚ the company’s sales (all on credit) amounted to $857‚250. Per Echo’s 2011 cash flow statement‚ $873‚500 was collected from customers while $18‚750 related to uncollectible accounts was
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Summary on Research for Accounting Changes and Error Analysis Companies have always faced issues of how to reflect changes in accounting methods and error corrections in financial statements. A change in accounting principle results when an entity adopts a generally accepted accounting principle different from the one it used previously (Hall 2007). A presumption exists that an accounting principle once adopted shall not be changed in accounting for events and transactions of a similar type (Financial
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sell their product than in 2005. This is an indication that the management of inventory is getting worse. C. What cost flow method(s) did Topps use to account for inventory? The cost flow method(s) Topps used was FIFO (first in‚ first out). Topps uses the First-in‚ First-out (FIFO) method. This method “treats the first items purchased as the first items
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liquid cargo & their properties‚ density‚ Viscosity etc. • Good knowledge of PORTS & Restrictions‚ Customs‚ Port Authorities ‚experienced in maintaining Target Achievements. Full Knowledge of Vessel operations. • Coordinated FIFO‚ Computed dispatch and demurrage including LAYTIME Comprehensive knowledge in all Ship Brokering & Operations including ‚ Documentation‚ S&P ‚ Ship’s performances‚ Contracts‚ rates‚ Charter Parties‚ Stowage factor‚ Stowage Plan‚
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Manzana Insurance Case write-up Introduction This study is designed to determine why the Fruitvale branch of Manzana Insurance is performing so poorly for Property Insurance. Golden Gates‚ a competitor of Manzana‚ numbers are estimated to outperform Manzana Fruitvale branch as well. There are several problems that are leading to the poor performance at this branch. This past quarter turnaround time increased again reaching 6 days‚ where Golden Gate is sitting at 2 days. Also the system is running
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with respect to turn around time and processing order of insurance policies. Officially‚ the company policy is to use a first-in-first-out (FIFO) system to process policy requests. However‚ these priority rules are not followed. In practice‚ new policy requests are given priority over existing policies. The employee compensation plan does not support FIFO‚ due to the 25% commission paid on new policies. The turnaround and scheduling time calculations are skewed to use an exceptionally high 95%
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@ $17 /unit = $100 = $260 = $408 $768 = ? = ? @ @ ? /unit ? /unit Value depends upon cost flow method!! Cost Flow Methods Allowed per GAAP (and Frequency of Usage) •Specific identification •Weighted-average •First-in‚ first-out (FIFO)
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