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AC 302 WEEK 8 Chapter 22 Homework Exercise 22 Question 1 Your answer is correct Pam Erickson Construction Company changed from the completed-contract to the percentage-of-completion method of accounting for long-term construction contracts during 2015. For tax purposes, the company employs the completed-contract method and will continue this approach in the future. (Hint: Adjust all tax consequences through the Deferred Tax Liability account

Other / Other Other / AC 302 09 Sep 2015

AC 302 WEEK 8 Chapter 22 Homework Exercise 22 Question 4 aluation since its inception. In 2014, it decides to switch to the average cost method. You are provided with the following information. Net Income Retained Earnings (Ending Balance) Under FIFO Under Average-Cost Under FIFO a) What is the beginning retained earnings balance at January 1, 2011, if Gordon prepares comparative financial statements starting in 2011? (b) Wha

Other / Other strayer university / AC 302 09 Sep 2015

AC 302 WEEK 8 Chapter 22 Homework Exercise 22 Question 8 Listed below are various types of accounting changes and errors. For each change or error, indicate how it would be accounted for using the following code

Other / Other Other / AC 302 09 Sep 2015

AC 302 WEEK 8 Chapter 22 Homework Exercise Problem 22 Question 1 Holtzman Company is in the process of preparing its financial statements for 2014. Assume that no entries for depreciation have been recorded in 2014. The following information related to depreciation of fixed assets is provided to you. Prepare the journal entries to record depreciation expense for 2014 and correct any errors made to date related to the information provided. (I

Other / Other Other / AC 302 09 Sep 2015

Political Dimensions The Challenger disaster is a classic case study for observing the political frame and the dynamics that create a potentially negative outcome. Sometimes data and other facts are overlooked in the decision-making process to instead deal with political pressures of other groups and/or coalitions. The general public has heard that the root cause of the space Challenger was due to O-ring failure. In the case study, you may have

Other / Other Other / Other 09 Sep 2015

Assignment 3: At the end of each module, you will apply the module’s concepts by completing comprehensive assignments from the textbook. Complete problems P9-28A (p. 517), P10-A-9B (p. 586), and P11-29A (p. 631) in your textbook. Present your analysis of the assigned problems in Excel format. Enter non-numerical responses in the same worksheet using textboxes. By Wednesday, July 15, 2015 deliver your assignment to the M4:

Other / Other allied-american-university / Other 09 Sep 2015

AC 302 WEEK 8 Exercise 22 Question 4 Your answer is partially correct Gordon Company started operations on January 1, 2009, and has used the FIFO method of inventory valuation since its inception. In 2014, it decides to switch to the average cost method. You are provided with the following information. Net Income Retained Earnings (Ending Balance) Under FIFO Under Average-Cost Under FIFO 2009 $101,820 $91,710 $101,540

Other / Other allied-american-university / AC 302 09 Sep 2015

AC 302 WEEK 8 Exercise 22 Question 6 Your answer is correct Kathleen Cole Inc. acquired the following assets in January of 2012. Equipment, estimated service life, 5 years; salvage value, $14,800 $446,350 Building, estimated service life, 30 years; no salvage value $787,500 The equipment has been depreciated using the sum-of-the-years’-digits method for the first 3 years for financial reporting purposes. In 2015, the compa

Other / Other allied-american-university / Other 09 Sep 2015

AC 302 WEEK 8 Exercise 22 Question 18 Your answer is correct Peter Henning Tool Company’s December 31 year-end financial statements contained the following errors. December 31, 2014 December 31, 2015 Ending inventory $9,708 understated $6,954 overstated Depreciation expense $2,662 understated An insurance premium of $59,670 was prepaid in 2014 covering the years 2014, 2015, and 2016. The entire amount was charged

Other / Other allied-american-university / AC 302 09 Sep 2015

AC 302 WEEK 8 Multiple Choice Questions IFRS Multiple Choice Question 06 Your answer is correct Is the following exception applicable to IFRS or U.S. GAAP? “If determining the effect of a change in accounting principle is considered impracticable, then a company should report the effect of the change in the period in which it believes it practicable to do so.” IFRS U.S. GAAP Yes No Yes Yes

Other / Other allied-american-university / AC 302 09 Sep 2015