1- Choose a company from the US market-(If you wish you can choose the
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1. Choose a company from the US market.
(If you wish you can choose the company from another country, but it should be IFRS reporting
available).
2. Take the most recent yearly financial statement available (called 10K report).
3. Explain how the company is doing revenue recognition. Does the company use any
managerial assumptions in the revenue recognition?
4. Which method company is using to recognize bad debts? Check how allowance for bad debts
changed over the last 2-3 years.
5. Which method company is using to recognize inventory? LIFO or FIFO? If a company uses
LIFO, compute approximate tax savings using tax rate of 30%. In addition, compute COGS and
Inventory under FIFO.
6. Check which assumptions your company is making for depreciation.
7. Make a conclusion. State any unusual assumptions you have found or summarize the main
findings.
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Related Questions
On October 12 of the current year, a company determined that a customer's account receivable was uncollectible and that the account should be written off. Assuming the direct write-off method is used to account for bad debts, what effect will this write-off have on the company's net income and total assets? Mutiple Choice
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On October 12 of the current year, a company determined that a customer's account receivable was uncollectible and that the
account should be written off. Assuming the allowance method is used to account for bad debts, what effect will this write-off have
on the company's net income and total assets?
Multiple Choice
No effect on net income; no effect on total assets.
Decrease in net income; no effect on total assets.
Decrease in net income; decrease in total assets.
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Answer completely.
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Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.
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Recommended textbooks for you
- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning

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Publisher:Cengage Learning