Bundle: Intermediate Accounting: Reporting and Analysis, 2017 Update, Loose-Leaf Version, 2nd + CengageNOWv2, 2 terms Printed Access Card

2nd Edition

ISBN: 9781337358552

Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher: Cengage Learning

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Textbook Question

Chapter 22, Problem 1E

The following are independent events:

a. Changed from the LIFO to the FIFO inventory cost flow assumption.
b. Reduced remaining service life of machinery from 10 to 8 years.
c. Changed from an accelerated method to the straight-line method of depreciating assets.
d. Wrote-down inventories because of obsolescence.
1. e. Received damages won in a court suit instigated 5 years ago.
f. Discovered that costs were recorded as an expense in a previous period but should have been recorded as an item of property, plant, and equipment.
g. Wrote down property, plant, and equipment because of closure of inefficient plants.
h. Changed from the successful-efforts method to the full-cost accounting method for oil exploration costs.

Required:

1. Indicate what type of accounting change or error, if any, is represented by each of the preceding items and the method of accounting (retrospective adjustment, prospective, or prior period adjustment) for the item in the financial statements of the current year.
2. Next Level Indicate the effect on the financial statements of the item (e.g., which accounts or line items are affected and is the effect an increase or a decrease).

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Chapter 22, Problem 12RE

Chapter 22, Problem 2E

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Chapter 22 Solutions

Bundle: Intermediate Accounting: Reporting and Analysis, 2017 Update, Loose-Leaf Version, 2nd + CengageNOWv2, 2 terms Printed Access Card

Ch. 22 - Prob. 1GI Ch. 22 - Prob. 2GI Ch. 22 - Prob. 3GI Ch. 22 - What steps are necessary to apply the...Ch. 22 - Prob. 5GI Ch. 22 - Prob. 6GI Ch. 22 - Prob. 7GI Ch. 22 - Prob. 8GI Ch. 22 - Define a change in estimate. What is the proper...Ch. 22 - Prob. 10GI

Ch. 22 - How is a change in depreciation method accounted...Ch. 22 - Describe a change in a reporting entity. How does...Ch. 22 - Prob. 13GI Ch. 22 - Prob. 14GI Ch. 22 - Prob. 15GI Ch. 22 - Prob. 16GI Ch. 22 - Prob. 17GI Ch. 22 - Prob. 18GI Ch. 22 - Prob. 19GI Ch. 22 - Prob. 20GI Ch. 22 - The cumulative effect of an accounting change...Ch. 22 - When a change in accounting principle is made...Ch. 22 - Prob. 3MC Ch. 22 - A change in the expected service life of an asset...Ch. 22 - Prob. 5MC Ch. 22 - Generally, how should a change in accounting...Ch. 22 - Prob. 7MC Ch. 22 - A company has included in its consolidated...Ch. 22 - Prob. 9MC Ch. 22 - Prob. 10MC Ch. 22 - Prob. 1RE Ch. 22 - Prob. 2RE Ch. 22 - Prob. 3RE Ch. 22 - Prob. 4RE Ch. 22 - Bloom Company had beginning unadjusted retained...Ch. 22 - Suppose that Blake Companys total pretax...Ch. 22 - Bliss Company owns an asset with an estimated life...Ch. 22 - At the end of 2016, Framber Company received 8,000...Ch. 22 - Prob. 9RE Ch. 22 - Prob. 10RE Ch. 22 - Prob. 11RE Ch. 22 - Prob. 12RE Ch. 22 - The following are independent events: a. Changed...Ch. 22 - Prob. 2E Ch. 22 - The following are independent events: a. A...Ch. 22 - Prob. 4E Ch. 22 - Prob. 5E Ch. 22 - Prob. 6E Ch. 22 - Prob. 7E Ch. 22 - Prob. 8E Ch. 22 - Prob. 9E Ch. 22 - Prob. 10E Ch. 22 - Prob. 11E Ch. 22 - The following are independent errors made by a...Ch. 22 - The following are independent errors made by a...Ch. 22 - Refer to the information in E22-13. Required:...Ch. 22 - Prob. 15E Ch. 22 - Prob. 16E Ch. 22 - Prob. 1P Ch. 22 - Prob. 2P Ch. 22 - Prob. 3P Ch. 22 - Prob. 4P Ch. 22 - Prob. 5P Ch. 22 - Prob. 6P Ch. 22 - Prob. 7P Ch. 22 - At the beginning of 2017, Holden Companys...Ch. 22 - Prob. 9P Ch. 22 - Prob. 10P Ch. 22 - Prob. 11P Ch. 22 - Prob. 12P Ch. 22 - Prob. 13P Ch. 22 - Prob. 14P Ch. 22 - There are three types of accounting changes:...Ch. 22 - Prob. 2C Ch. 22 - Prob. 3C Ch. 22 - When the FASB issues a new generally accepted...Ch. 22 - It is important in accounting theory to be able to...Ch. 22 - Prob. 6C Ch. 22 - Prob. 7C Ch. 22 - Prob. 8C Ch. 22 - Prob. 9C Ch. 22 - Prob. 10C

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