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1.
Explain the requirement that must be disclosed regarding the accounting policies of a company.
2.a
Review the Company S’s note on its accounting policies and explain the items that are classified as cash equivalents.
b.
Review the Company S’s note on its accounting policies and explain the way in which the inventories are valued and explain the inventory costing method used.
c.
Review the Company S’s note on its accounting policies and explain the way in which property, plant and equipment are stated and mention the
d.
Review the Company S’s note on its accounting policies and state the allowance for doubtful accounts at the end of2017 and mention the amount of gross receivables.
e.
Review the Company S’s note on its accounting policies and state the manner in which the company will test
f.
Review the Company S’s note on its accounting policies and state the items that do not appear on the
g.
Review the Company S’s note on its accounting policies and state the manner in which the company repurchases its
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Chapter 4 Solutions
Intermediate Accounting: Reporting and Analysis (Looseleaf)
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- On January 1, Park Corporation and Strand Corporation had condensed balance sheets as follows: Items Current assets Noncurrent assets Total assets Current liabilities Long-term debt Stockholders' equity Total liabilities and equities Park $ 70,000 90,000 Strand $ 20,000 40,000 $ 60,000 $ 160,000 $ 30,000 $ 10,000 50,000 Ө 80,000 50,000 $ 160,000 $ 60,000 On January 2, Park borrowed $60,000 and used the proceeds to obtain 80 percent of the outstanding common shares of Strand. The acquisition price was considered proportionate to Strand's total fair value. The $60,000 debt is payable in 10 equal annual principal payments, plus interest, beginning December 31. The excess fair value of the investment over the underlying book value of the acquired net assets is allocated to inventory (60 percent) and to goodwill (40 percent). Required: On a consolidated balance sheet as of January 2, calculate the amounts for each of the following: a. Current assets b. Noncurrent assets c. Current…arrow_forwardProvide answer A B Carrow_forwardNeed help this question financial accountingarrow_forward
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