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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Prime Corporation prepared its annual financial statements for its shareholders for the fiscal year ending December 31, 2029. Record whether the transaction below for Prime Corporation overstated (O), understated (U), or correctly stated (C) total assets, total liabilities, stockholders' equity, and net income in 2029. You must write "O", "U", or "C" in each blank for credit. Prime Corp. did not adjust its unearned revenue account for the $8,000 of revenue earned in December 2029. Assets: O/U/C? Liabilities: O/U/C? Equity: O/U/C? Net income: O/U/C?

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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