Intermediate Accounting (2nd Edition)
Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 3, Problem 3.8BE

Codification Research. Referencing Appendix A, determine the topics, subtopics and sections of the Codification for the following balance sheet events.

Balance Sheet Event Codification Reference
a. Inventory initial measurement  ___________________
b. Application of the lower-of-cost-or-market rule for inventory  ___________________
c. Accounts receivable initial measurement  ___________________
d. Application of bad debt provision  ___________________
e. Property, plant, and equipment, initial measurement  ___________________
f. Depreciation  ___________________
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The following data were selected from the records of Fluwars Company for the year ended December 31, current year:   Balances at January 1, current year:          Accounts receivable (various customers)    $    111,500Allowance for doubtful accounts         11,200   The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return.   The following transactions occurred during the current year: Sold merchandise for cash, $252,000.Sold merchandise to Abbey Corp; invoice amount, $36,000.Sold merchandise to Brown Company; invoice amount, $47,600.Abbey paid the invoice in (b) within the discount period.Sold merchandise to Cavendish Inc.; invoice amount, $50,000.Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods.Brown paid its account in full within the discount period.Sold merchandise to Decca Corporation; invoice amount, $42,400.Cavendish paid its account in full after the discount…
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INVENTORY & COST OF GOODS SOLD; Author: Accounting Stuff;https://www.youtube.com/watch?v=OB6RDzqvNbk;License: Standard Youtube License