why might fitzer s managers have wanted to lump both changes in the same year 613809

Change in Accounting Principles Fitzer, Inc. reported the following data in its 1999 income statement (dollars in millions): Income before cumulative effect of accounting changes $1,093.5 Cumulative effect of change in accounting for postretirement benefits, net of income taxes (312.6) Income taxes 30.0 Net income $810.9 Fitzer’s notes include the following explanations: In the fourth […]

prepare the journal entry ies at december 31 2013 to record the payment and interest 645881

(Purchase of Computer with Zero Interest Bearing Debt) Napoleon Corporation purchased a computer on December 31, 2011, for $130,000, paying $30,000 down and agreeing to pay the balance in five equal installments of $20,000 payable each December 31 beginning in 2012. An assumed interest rate of 10% is implicit in the purchase price. Instructions (a) […]

sale with forward contract and fiscal year end jerber electronics inc sold electrica 733684

Sale with Forward Contract and Fiscal Year End Jerber Electronics Inc. sold electrical equipment to a Dutch company for 50,000 guilders (G) on May 14, with collection due in 60 days. On the same day, Jerber entered into a 60 day forward contract to sell 50,000 guilders at a forward rate of G1 = $0.541. […]

the sales department clerk receives hard copy customer orders and manually prepares 638076

The following describes the revenue cycle procedures for a hypothetical company. The sales department clerk receives hard copy customer orders and manually prepares a six part hardcopy sales order. Copies of the sales order are distributed to various departments as follows: Copies 1, 2, and 3 go to the shipping department, and Copies 4, 5, […]

which types of adjusting entries are natural opposites 642341

1. Which types of adjusting entries are natural opposites? a. Net income and net loss b. Expenses and revenues c. Prepaids and accruals d. Prepaids and depreciation 2. Assume you prepay Get Fit Now for a package of six physical training sessions. Which type of account should you have in your records? a. Accrued revenue […]

Office Equipment

at 1 january 2010 the option was considered to be neither deeply in the money nor de 599067

Financial asset transferred subject to call option neither deeply in the money nor deeply out of the money On 1 January 2010 an entity transferred a financial asset (an equity share) to a counterparty, subject only to a call option to repurchase the asset at any time up to 31 December 2014. At 1 January […]

the july 31 year 3 balance sheets of two companies that are parties to a business co 737230

The July 31, Year 3, balance sheets of two companies that are parties to a business combination are as follows: Ravinder Corp. Robin Inc. Carrying amount Carrying amount Fair value Current assets $1,600,000 $ 420,000 $468,000 Plant and equipment 1,330,000 1,340,000 972,000 Accumulated depreciation (250,000) (500,000) Patents—net — — 72,000 $2,680,000 $1,260,000 Current liabilities $1,360,000 […]

prepare a statement of revenues expenditures and changes in fund balance for 20×8 fo 614471

Various funds and account groups, capital projects fund financial statement. Port Washington’s citizens authorized the construction of a new library. As a result of this project, the city had the following transactions during 20X8: a. On January 3, 20X8, a $600,000 serial bond issue having a stated interest rate of 8% was authorized for the […]

what type of opinion did this entity receive if it was qualified what reason was giv 642626

Examine the CAFR. Using the CAFR you obtained for Exercise 1–1, answer the following questions: a. Auditors. Was this CAFR audited by external certified public accountants (CPAs) or by state or local governmental auditors? b. Audit Opinion. What type of opinion did this entity receive? If it was qualified, what reason was given? Was an […]