The overall effect of the given transactions on the Company’s reported income for 2018 and to see that the net income has been overstated or understated.

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Answer 1

Question

Chapter 3, Problem 3.82EIC

1.

To determine

To Calculate: The overall effect of the given transactions on the Company’s reported income for 2018 and to see that the net income has been overstated or understated.

2.

To determine

To Substantiate: The action taken by the Person S and give the ethical justification based on precedence and the consequences on the stakeholders’ identified.

3.

To determine

To Give: Advice to Person L.

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The inventory of 3t Company on December 31, 2014, consists of the following items: Part No. Quantity Cost per Unit Cost to Replace per Unit 110 650 $ 135 $ 150 111 1,040 90 78 112 540 120 114 113 220 255 270 120 500 308 312 121* 1,600 24 21 122 390 360 353 (* - Part No. 121 is obsolete and has a realizable value of $0.75 each as scrap) a. Determine the inventory as of December 31, 2014, by the lower-of- cost-or-market method, applying this method directly to each item.

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Answer 2

Question

Chapter 3, Problem 3.82EIC

1.

To determine

To Calculate: The overall effect of the given transactions on the Company’s reported income for 2018 and to see that the net income has been overstated or understated.

2.

To determine

To Substantiate: The action taken by the Person S and give the ethical justification based on precedence and the consequences on the stakeholders’ identified.

3.

To determine

To Give: Advice to Person L.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 3.82EIC

1.

To determine

To Calculate: The overall effect of the given transactions on the Company’s reported income for 2018 and to see that the net income has been overstated or understated.

2.

To determine

To Substantiate: The action taken by the Person S and give the ethical justification based on precedence and the consequences on the stakeholders’ identified.

3.

To determine

To Give: Advice to Person L.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 3.82EIC

1.

To determine

To Calculate: The overall effect of the given transactions on the Company’s reported income for 2018 and to see that the net income has been overstated or understated.

2.

To determine

To Substantiate: The action taken by the Person S and give the ethical justification based on precedence and the consequences on the stakeholders’ identified.

3.

To determine

To Give: Advice to Person L.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 3.82EIC

1.

To determine

To Calculate: The overall effect of the given transactions on the Company’s reported income for 2018 and to see that the net income has been overstated or understated.

2.

To determine

To Substantiate: The action taken by the Person S and give the ethical justification based on precedence and the consequences on the stakeholders’ identified.

3.

To determine

To Give: Advice to Person L.

Answer 6

Chapter 3, Problem 3.82EIC

1.

To determine

To Calculate: The overall effect of the given transactions on the Company’s reported income for 2018 and to see that the net income has been overstated or understated.

Answer 7

Chapter 3, Problem 3.82EIC

1.

To determine

To Calculate: The overall effect of the given transactions on the Company’s reported income for 2018 and to see that the net income has been overstated or understated.

Answer 8

2.

To determine

To Substantiate: The action taken by the Person S and give the ethical justification based on precedence and the consequences on the stakeholders’ identified.

Answer 9

2.

To determine

To Substantiate: The action taken by the Person S and give the ethical justification based on precedence and the consequences on the stakeholders’ identified.

Answer 10

3.

To determine

To Give: Advice to Person L.

Answer 11

3.

To determine

To Give: Advice to Person L.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

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The overall effect of the given transactions on the Company’s reported income for 2018 and to see that the net income has been overstated or understated.

Solution Summary: The author analyzes the effect of the given transactions on the Company's reported income for 2018.

Concept explainers

To Calculate: The overall effect of the given transactions on the Company’s reported income for 2018 and to see that the net income has been overstated or understated.

To Substantiate: The action taken by the Person S and give the ethical justification based on precedence and the consequences on the stakeholders’ identified.

To Give: Advice to Person L.

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Chapter 3 Solutions