Which of the following would be accounted for as a change in accounting principle?First-time presentation of consolidated financial statementsChanging an estimate for the allowance for doubtful accountsAdopting a new accounting standardChanging the useful life of a piece of equipment from 8 years to 20 yearsO O O O

The correct option is "Changing an estimate for the allowance for doubtfull accounts. As per one the…

Answered: Which of the following would be…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.2.1MBA

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Which of the following statements about the Initial recording of a llability is true? Multiple Choice It is measured in terms of current cesh equivalent. It is only recorded if it must be paid within the current operating cycle or ane year, whichever is longer. It is reported as current. It is reported as long-term.
Topic: Investment
Current liabilities are obligations where liquidation is reasonably expected to require the use of existing current assets or the creation of other current liabilities within: A. one year. B. one year or one operating cycle, whichever is longer. C. one year or one operating cycle, whichever is shorter. D. an operating cylce.
DONT GIVE ANSWER IN IMAGE FORMAT
Compute for the adjusted balance of "DELIVERY EQUIPMENT
Determine the following as a result of your audit:a. The proposed adjusting journal entries for the year ended December 31, 2022 includes a net debit (credit) to retained earnings of? b. The proposed adjusting journal entries for the year ended December 31, 2022 includes a net debit (credit) to accumulated depreciation of?
whats the answer in question 1?
Instructions Bailand Company purchased a building for $218,000 that had an estimated residual value of $8,000 and an estimated service life of 10 years. Bailand purchased the building 4 years ago and has used straight-line depreciation. At the beginning of the fifth year (before it records depreciation expense for the year), the following independent situations occur: 1. Bailand estimates that the asset has 8 years' life remaining (for a total of 12 years). 2. Bailand changes to the sum-of-the-years'-digits method. 3. Bailand discovers that the estimated residual value has been ignored in the computation of depreciation expense. Required: For each of the independent situations, prepare all the journal entries relating the building for the fifth year. Ignore income taxes.
Statement I: Trade Receivables are generally classified as current assets because they are collectible within normal operating cycleStatement II: Non-trade receivables that are expected to be collected within 12 months from the end of the reporting period are also classified as current assets, regardless of the length of the entity’s normal operating cycleStatement III: Non-trade receivables that are not reasonably expected to be collected within twelve months from the end of the reporting period are reported as non-current assets.Statement IV: Subscription receivable with call date beyond twelve months from the end of the reporting period is appropriately reported as addition to shareholders’ equity. choices Statements I, II and IV are correct Statements II, III and IV are correct Statements I, II, and III are correct All of the statements are correct
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Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)
Audit Notes: • The changes in fair value were appropriately recognized in OCI. • The journal entries pertaining to the market value adjustments was prepared by the accountant in accordance with the following information: Market Unrealized Year Cost Value Gain / (Loss) 2020 GKKB P25,250 P23,350 (P1,900) ABC 32,450 33,950 1,500 2021 GKKB P25,250 P24,950 (P300) ABC 32,450 32,650 200 Question 4: The retroactive adjustment to the beginning balance of retained earnings to correct the initial carrying value of the investment in stocks includes a debit / (credit) amounting to? (Use negative sign if credit) Question 5: The amount of unrealized gain or (loss) as of December 31, 2021 amounts to? (Use negative sign if loss) Question 6: The total amount that should be taken to profit or loss for 2021 amounts to? (Use negative sign if net expense) Question 7: The investment in stocks account is overstated or understated by? (Use negative sign if overstated)

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