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increase their net income in 1984 by $3.2 million. A final accounting change that Harnischfeger made was their inventory method. They changed from using the FIFO method to LIFO in 1984. Once this change was made the inventories that were valued using LIFO way made up about 82% of total inventories. The inventory reductions led to a liquidation of LIFO inventory that were carried at a lower cost.
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1. Two primary external users of accounting information are investors and creditors. TRUE 2. The economic resources that are owned by a business are called stockholders’ equity. FALSE 3. Net income for the period is determined by subtracting total expenses and dividends from revenues. FALSE 4. The heading for the income statement might include the line “As of December 31‚ 20xx.” TRUE 5. Net income is another term for revenue. FALSE 6. The primary purpose of the statement of cash
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1‚ a parameter is a special kind of variable‚ used in a subroutine to refer to one of the pieces of data provided as input to the subroutine.[1] These pieces of data are called arguments. An ordered list of parameters is usually included in the definition of a subroutine‚ so that‚ each time the subroutine is called‚ its arguments for that call can be assigned to the corresponding parameters. Just as in standard mathematical usage‚ the argument is thus the actual value passed to a function‚ procedure
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of 2011 are the conversion of debt and equity‚ leases‚ consolidations‚ and financial instruments. The next paragraph underlines some of the key differences between GAAP and the IFRS. IFRS outlaws LIFO (last in first out) inventory valuation where GAAP uses both FIFO (first in first out) and LIFO. Property‚ plant and equipment are assets that are valued differently using IFRS. The IFRS allows revaluation of assets were GAAP uses cost as its valuation method. Intangible assets cannot be revaluated
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PART I MULTIPLE CHOICE QUESTIONS Use the following information for questions 1-4: Seasons Construction is constructing an office building under contract for Cannon Company. The contract calls for progress billings and payments of $1‚240‚000 each quarter. The total contract price is $14‚880‚000 and Seasons estimates total costs of $14‚200‚000. Seasons estimates that the building will take 3 years to complete‚ and commences construction on January 2‚ 2014. 1. At December 31‚ 2014‚ Seasons estimates
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pain’n from ’tractor back‚’ put in another seventy-two hours." So God made a farmer. God had to have somebody willing to ride the ruts at double speed to get the hay in ahead of the rain clouds and yet stop in mid-field and race to help when he sees the first smoke from a neighbor’s place. So God made a farmer. God said‚ "I need somebody strong enough to clear trees and heave bails‚ yet gentle enough to tame lambs and wean pigs and tend the pink-combed pullets‚ who will stop his mower for an hour
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Things I remembered from school are the concept of time value of money‚ the calculation of the percentage of completion‚ making journal entries and adjusting entries‚ the differences between accrual basis of accounting and cash basis of accounting‚ LIFO&FIFO methods‚ basic financial statement preparation‚ and estimating bad debts expense: estimation of sales and estimation of account receivable.
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normal market conditions‚ using the FIFO method for recording inventory may be the prudent calculation and result in the highest stated revenues. However‚ if the price of a certain ingredient for a particular drug sky rockets because of a worldwide drought‚ then it would make more sense to use the LIFO method. This is because the LIFO method would result in higher Cost of Goods Sold‚ and thus less Taxable Income. IFRS does not permit companies to use the LIFO method‚ which seems odd given that IFRS
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conduct a physical inventory count by using the gross profit percentage and the retail inventory method. The retail inventory method converts retail prices to cost. The different versions of the retail method are last in first out (LIFO) and first in first out (FIFO) and returns slightly different results. It is important for investors to understand the estimation method because the net income differs. Companies conduct physical inventory counts to record shortages‚ as a result of theft or breakage
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