Harnischfeger Corp case study 1. Describe clearly the accounting changes Harnischfeger made in 1984 as stated in Note 2 of its financial statements. Note 2 (pg. 17) states that in 1984 Harnischfeger changed their depreciation method that was being used to expense their plants‚ machinery and equipment from the direct method to the straight-line method for financial reporting purposes. An adjustment of the residual values on certain machinery and equipment was made. Harnischfeger also included
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Available for Sale Beg. Inventory 10 x $10 = Purchase 20 x $13 = Purchase 24 x $17 = 54 Less: Sales -40 End. Inventory 14 $100 $260 $408 $768 COGA Less End. Inv. Cost of Goods Sold 14 x $17 = $768 - 238 $530 Last In First Out (LIFO) - Periodic Date 3/1 3/4 3/8 3/18 3/25 Activity Beg. Inventory Purchase Sale Purchase Sale Units 10 20 22 24 18 $/Unit x $10 x $13 x $20 x $17 x $25 Total = $100 = $260 = $440 = $408 = $700 3/1 3/4 3/18 Goods Available for Sale Beg. Inventory
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ACC 290 Final Exam Study Guide Let’s get started… Q 8 – Under IFRS Comparative prior-period information must be presented and financial statements must be provided annually. Explanation: See IFRS financial reporting requirement here: http://www.iasplus.com/en/standards/ias/ias1 Q 10 - Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP include all of the following except: Both IFRS and U.S. GAAP allow revaluation of items such as land and buildings to fair
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1565 Chenault St‚ Dallas‚ TX 75228 Teaching Asst. Office Hours Wednesday 11:45-12:45 4-5PM wxw107020@utdallas.edu Final EXAM December 19 (1-3:45) JSOM2.106 Fin. ST. Analysis Protect Industry name Company name1 ----- student1 2 2 3 3 4 4 Class1-5 content: Introduction to Accounting Business activities and financial statements Balance sheet valuation rules Income statement valuation rules Transaction analysis
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300 units @ $170 4. Paid $15‚000 cash for operating expenses. 5. Paid cash for income tax at the rate of 30 percent of income before taxes. Required A. Compute the cost of goods sold and ending inventory‚ assuming (1) FIFO cost flow‚ (2) LIFO cost flow‚ and (3) weighted-average cost flow. 1. 2. 3. 4. 5. B. Use a vertical model to
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壹 1. Payments to acquire investment in debt securities 2. Dividends received on investments made in the stock of other corporations 3. Payments for the acquisition of inventory 4. Proceeds from issuance of stock 5. Payments for interest on loans 6. Interest received on loans made to outside entities 7. Repayment of the principal on loans 8. Payment to acquire productive assets 9. Proceeds from the sale of productive assets 10. Cash receipts from the sale of
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Another one of the Questions was tell me of a time you received an unexpected feedback and how you handled it? She responded while working at Walgreens my supervisor said I needed to make sure to finish a greater percentage the prescriptions by the expected time. So I worked with my technicians to make sure we were all following the outlined workflow and we accomplished filling the scripts in the
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influence of the congruency principal‚ a German company is likely to report lower income than its U.S Counterpart. In the U.S‚ in contrast‚ conformity between the tax statement and financial statements is required only with regard to the use of the LIFO inventory cost flow assumption. 4. Who are the major providers of capital for business enterprises? What influence does the relative importance of equity financing in a country have on financial statement disclosure? The major providers of financing
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informal memo‚ typically‚ is between two colleagues for notification of information or to obtain input on different subjects. Andrew Accountant’s memo was an informal memo the teammates to obtain information on the inventory methods of LastIn/FirstOut (LIFO) and FirstIn/ FirstOut (FIFO). The review of Andrew’s memo will show what information to use or remove and word choice‚ which both depends on the writer’s knowledge of the audience. Repercussions can arise when there is no knowledge of the audience
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Sales during the first quarter were 1‚400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data‚ fill in the following chart to compare the results obtained under the FIFO‚ LIFO‚ and weighted-average inventory methods. FIFO LIFO Weighted Average Goods available for sale $ $ $ Ending inventory‚ March 31 Cost of goods sold 3. Perpetual inventory system: journal entries. At the beginning of 20X3‚ Beehler Company
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