1 Environment And Theoretical Structure Of Financial Accounting 2 Review Of The Accounting Process 3 The Balance Sheet And Financial Disclosures 4 The Income Statement, Comprehensive Income, And The Statement Of Cash Flows 5 Revenue Recognition 6 Time Value Of Money Concepts 7 Cash And Receivables 8 Inventories: Measurement 9 Inventories: Additional Issues 10 Property, Plant, And Equipment And Intangible Assets: Acquisition 11 Property, Plant, And Equipment And Intangible Assets: Utilization And Disposition 12 Investments 13 Current Liabilities And Contingencies 14 Bonds And Long-Term Notes 15 Leases 16 Accounting For Income Taxes 17 Pension And Other Postretirement Benefit Plans 18 Shareholders' Equity 19 Share-Based Compensation And Earnings Per Share 20 Accounting Changes And Error Corrections 21 Statement Of Cash Flows Revisited A Appendix: Derivatives expand_more
Chapter Questions expand_more
Problem 20.1Q Problem 20.2Q: There are three basic accounting approaches to reporting accounting changes. What are they? Problem 20.3Q Problem 20.4Q: Lynch Corporation changes from the sum-of-the-years-digits method of depreciation for existing... Problem 20.5Q: Sugarbaker Designs Inc. changed from the FIFO inventory costing method to the average cost method... Problem 20.6Q: Most changes in accounting principles are recorded and reported retrospectively. In a few... Problem 20.7Q: Southeast Steel, Inc., changed from the FIFO inventory costing method to the LIFO method during... Problem 20.8Q Problem 20.9Q: Its not easy sometimes to distinguish between a change in principle and a change in estimate. In... Problem 20.10Q: For financial reporting, a reporting entity can be a single company, or it can be a group of... Problem 20.11Q Problem 20.12Q: Describe the process of correcting an error when its discovered in a subsequent reporting period. Problem 20.13Q Problem 20.14Q: If it is discovered that an extraordinary repair in the previous year was incorrectly debited to... Problem 20.15Q Problem 20.1BE: Change in inventory methods; FIFO method to the average cost method LO202 In 2018, the Barton and... Problem 20.2BE: Change in inventory methods; average cost method to the FIFO method LO202 In 2018, Adonis... Problem 20.3BE: Change in inventory methods; FIFO method to the LIFO method LO203 In 2018, J J Dishes changed its... Problem 20.4BE: Change in depreciation methods LO203 Irwin, Inc., constructed a machine at a total cost of 35... Problem 20.5BE Problem 20.6BE: Book royalties LO204 Three programmers at Feenix Computer Storage, Inc., write an operating systems... Problem 20.7BE: Warranty expense LO204 In 2017, Quapau Products introduced a new line of hot water heaters that... Problem 20.8BE: Change in estimate; useful life of patent LO204 Van Frank Telecommunications has a patent on a... Problem 20.9BE Problem 20.10BE: Error correction LO206 In 2018, internal auditors discovered that PKE Displays, Inc., had debited... Problem 20.11BE Problem 20.12BE: Error correction LO206 In 2018, the internal auditors of Development Technologies, Inc., discovered... Problem 20.1E: Change in principle; change in inventory methods LO202 During 2016 (its first year of operations)... Problem 20.2E: Change in principle; change in inventory methods LO202 Aquatic Equipment Corporation decided to... Problem 20.3E: Change from the treasury stock method to retired stock LO202 In keeping with a modernization of... Problem 20.4E: Change in principle; change to the equity method LO202 The Crump Companies, Inc., has ownership... Problem 20.5E Problem 20.6E: FASB codification research LO202 Access the FASB Accounting Standards Codification at the FASB... Problem 20.7E: Change in principle; change in inventory cost method LO202 Millington Materials is a leading... Problem 20.8E: Change in inventory methods; FIFO method to the LIFO method LO203 Flay Foods has always used the... Problem 20.9E: Change in inventory methods; FIFO method to the LIFO method LO203 Wolfgang Kitchens has always used... Problem 20.10E: Change in depreciation methods LO203 For financial reporting, Clinton Poultry Farms has used the... Problem 20.11E: Change in depreciation methods LO203 The Canliss Milling Company purchased machinery on January 2,... Problem 20.12E: Book royalties LO204 Dreighton Engineering Group receives royalties on a technical manual written... Problem 20.13E: Loss contingency LO204 The Commonwealth of Virginia filed suit in October 2016, against Northern... Problem 20.14E: Warranty expense LO204 Woodmier Lawn Products introduced a new line of commercial sprinklers in... Problem 20.15E Problem 20.16E: Accounting change LO204 The Peridot Company purchased machinery on January 2, 2016, for 800,000. A... Problem 20.17E: Change in estimate; useful life and residual value of equipment LO204 Wardell Company purchased a... Problem 20.18E: Classifying accounting changes LO201 through LO205 Indicate with the appropriate letter the nature... Problem 20.19E: Error correction; inventory error LO206 During 2018, WMC Corporation discovered that its ending... Problem 20.20E: Error corrections; investment LO206 Required: 1. Prepare the journal entry to correct the error,... Problem 20.21E Problem 20.22E Problem 20.23E Problem 20.24E: Inventory errors LO206 Indicate with the appropriate letter the nature of each adjustment described... Problem 20.25E: Classifying accounting changes and errors LO201 through LO206 Type of Adjustment A. Change in... Problem 20.1P: Change in inventory costing methods; comparative income statements LO202 The Cecil-Booker Vending... Problem 20.2P: P 20-2 Change in principle; change in method of accounting for long-term construction LO202 The... Problem 20.3P: Change in inventory costing methods; comparative income statements LO202, LO203 Shown below are net... Problem 20.4P: Change in inventory methods LO202 The Rockwell Corporation uses a periodic inventory system and has... Problem 20.5P: Change in inventory methods LO202 Fantasy Fashions had used the LIFO method of costing inventories,... Problem 20.6P: Change in principle; change in depreciation methods LO203 During 2016 and 2017, Faulkner... Problem 20.7P: Depletion; change in estimate LO204 In 2018, the Marion Company purchased land containing a mineral... Problem 20.8P: Accounting changes; six situations LO201, LO203, LO204 Described below are six independent and... Problem 20.9P Problem 20.10P: Inventory errors LO206 You have been hired as the new controller for the Ralston Company. Shortly... Problem 20.11P: Error correction; change in depreciation method LO206 The Collins Corporation purchased office... Problem 20.12P: Accounting changes and error correction; seven situations; tax effects ignored LO201 through LO204,... Problem 20.13P Problem 20.14P Problem 20.15P Problem 20.16P Problem 20.17P Problem 20.1BYP: Integrating Case 201 Change to dollar-value LIFO LO203 Webster Products, Inc., adopted the... Problem 20.2BYP Problem 20.3BYP Problem 20.4BYP: Analysis Case 204 Change in inventory methods; concepts LO202, LO203 Generally accepted accounting... Problem 20.5BYP Problem 20.6BYP Problem 20.8BYP: Analysis Case 208 Various changes LO201 through LO204 DRS Corporation changed the way it... Problem 20.9BYP: Analysis Case 209 Various changes LO201 through LO204 Ray Solutions decided to make the following... Problem 20.10BYP Problem 20.11BYP Problem 20.12BYP Problem 1CCTC format_list_bulleted