Indicate whether Corporation K reported any changes in 2017, mention the reason for change in accounting principle, and the way Corporation K accounted for the change.

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Answer 1

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Chapter 22, Problem 8C

1.

To determine

Indicate whether Corporation K reported any changes in 2017, mention the reason for change in accounting principle, and the way Corporation K accounted for the change.

2.

To determine

Indicate the effect of the change in estimate on the net income, assets, liabilities, and shareholders’ equity of Corporation K.

3.

To determine

Indicate the types of estimates that Corporation K reported in its financial statements.

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Activity Based Costing - practice problem Fontillas Instrument, Inc. manufactures two products: missile range instruments and space pressure gauges. During April, 50 range instruments and 300 pressure gauges were produced, and overhead costs of $89,500 were estimated. An analysis of estimated overhead costs reveals the following activities. Activities 1. Materials handling 2. Machine setups Cost Drivers Number of requisitions Number of setups Total cost $35,000 27,500 3. Quality inspections Number of inspections 27,000 $89.500 The cost driver volume for each product was as follows: Cost Drivers Instruments Gauge Total Number of requisitions 400 600 1,000 Number of setups 200 300 500 Number of inspections 200 400 600 Insructions (a) Determine the overhead rate for each activity. (b) Assign the manufacturing overhead costs for April to the two products using activity-based costing.

Bodhi Company has three cost pools and two doggie products (leashes and collars). The activity cost pool of ordering has the cost drive of purchase orders. The activity cost pool of assembly has a cost driver of parts. The activity cost pool of supervising has the cost driver of labor hours. The accumulated data relative to those cost drivers is as follows: Expected Use of Estimated Cost Drivers by Product Cost Drivers Overhead Leashes Collars Purchase orders $260,000 70,000 60,000 Parts 400,000 300,000 500,000 Labor hours 300,000 15,000 10,000 $960,000 Instructions: (a) Compute the activity-based overhead rates. (b) Compute the costs assigned to leashes and collars for each activity cost pool. (c) Compute the total costs assigned to each product.

Answer 2

Question

Chapter 22, Problem 8C

1.

To determine

Indicate whether Corporation K reported any changes in 2017, mention the reason for change in accounting principle, and the way Corporation K accounted for the change.

2.

To determine

Indicate the effect of the change in estimate on the net income, assets, liabilities, and shareholders’ equity of Corporation K.

3.

To determine

Indicate the types of estimates that Corporation K reported in its financial statements.

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Answer 3

Question

Chapter 22, Problem 8C

1.

To determine

Indicate whether Corporation K reported any changes in 2017, mention the reason for change in accounting principle, and the way Corporation K accounted for the change.

2.

To determine

Indicate the effect of the change in estimate on the net income, assets, liabilities, and shareholders’ equity of Corporation K.

3.

To determine

Indicate the types of estimates that Corporation K reported in its financial statements.

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Answer 4

Question

Chapter 22, Problem 8C

1.

To determine

Indicate whether Corporation K reported any changes in 2017, mention the reason for change in accounting principle, and the way Corporation K accounted for the change.

2.

To determine

Indicate the effect of the change in estimate on the net income, assets, liabilities, and shareholders’ equity of Corporation K.

3.

To determine

Indicate the types of estimates that Corporation K reported in its financial statements.

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Answer 5

Chapter 22, Problem 8C

1.

To determine

Indicate whether Corporation K reported any changes in 2017, mention the reason for change in accounting principle, and the way Corporation K accounted for the change.

2.

To determine

Indicate the effect of the change in estimate on the net income, assets, liabilities, and shareholders’ equity of Corporation K.

3.

To determine

Indicate the types of estimates that Corporation K reported in its financial statements.

Answer 6

Chapter 22, Problem 8C

1.

To determine

Indicate whether Corporation K reported any changes in 2017, mention the reason for change in accounting principle, and the way Corporation K accounted for the change.

Answer 7

Chapter 22, Problem 8C

1.

To determine

Indicate whether Corporation K reported any changes in 2017, mention the reason for change in accounting principle, and the way Corporation K accounted for the change.

Answer 8

2.

To determine

Indicate the effect of the change in estimate on the net income, assets, liabilities, and shareholders’ equity of Corporation K.

Answer 9

2.

To determine

Indicate the effect of the change in estimate on the net income, assets, liabilities, and shareholders’ equity of Corporation K.

Answer 10

3.

To determine

Indicate the types of estimates that Corporation K reported in its financial statements.

Answer 11

3.

To determine

Indicate the types of estimates that Corporation K reported in its financial statements.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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

Indicate whether Corporation K reported any changes in 2017, mention the reason for change in accounting principle, and the way Corporation K accounted for the change.

Solution Summary: The author explains how accounting changes decrease the comparability and consistency of accounting information. Changes in an accounting principle, accounting estimate, and estimates affect net income, assets, liabilities and equity.

Indicate whether Corporation K reported any changes in 2017, mention the reason for change in accounting principle, and the way Corporation K accounted for the change.

Indicate the effect of the change in estimate on the net income, assets, liabilities, and shareholders’ equity of Corporation K.

Indicate the types of estimates that Corporation K reported in its financial statements.

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Chapter 22 Solutions