The following are independent events. For each change or error select how it would be accounted for. a. Changed remaining service life from 8 years to 10 years b. Change from an unacceptable accounting method to an acceptable C. Received money won in a law suit d. Inventory write down due to obsolescence e. Change in rate used to calculate warranty costs f. Change from FIFO to average costs inventory method g. Discovered errors in unrecorded expenses from a prior period h. Purchased another company which now requires the financial statements to be consolidated

The following are independent events. For each change or error select how it would be accounted for. a. Changed remaining service life from 8 years to 10 years b. Change from an unacceptable accounting method to an acceptable C. Received money won in a law suit d. Inventory write down due to obsolescence e. Change in rate used to calculate warranty costs f. Change from FIFO to average costs inventory method g. Discovered errors in unrecorded expenses from a prior period h. Purchased another company which now requires the financial statements to be consolidated

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 4PA: The following accounts appear in the ledger of Celso and Company as of June 30, the end of this...

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