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Business
AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 22, Problem 8C
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 8MC
Problem 9MC
Problem 10MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 12RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 12P
Problem 13P
Problem 14P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 8C
Problem 9C
Problem 10C
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Disclosures Obtain Kellogg’s 2017 annual report either using the “Investor Relations” portion of its website (do a web search for Kellogg’s investor relations) or go to http://www.sec.gov and click “Search for company filings” under “Filings and Forms (EDGAR).”

Required:

  1. 1. Did Kellogg’s report any accounting changes in its 2017 financial statements: If so, describe the reason for the change in principle and how Kellogg’s accounted for the change?
  2. 2. What was the financial statement impact of the change on net income, assets, liabilities, and equity?
  3. 3. What types of estimates did Kellogg’s discuss in its financial statements?

1.

To determine

Indicate whether Corporation K reported any changes in 2017, mention the reason for change in accounting principle, and the way Corporation K accounted for the change.

Explanation

Accounting changes: When a company requires to sacrifice the consistent accounting methods and procedures, to enhance the usefulness and relevance of the accounting information, those changes are referred to as accounting changes. Such inevitable accounting changes decrease the comparability and consistency of accounting information. The reasons for accounting changes could be new methods introduced by FASB (Financial Accounting Standards Board), changes in accounting principles, and changes in accounting estimates...

2.

To determine

Indicate the effect of the change in estimate on the net income, assets, liabilities, and shareholders’ equity of Corporation K.

3.

To determine

Indicate the types of estimates that Corporation K reported in its financial statements.

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Chapter 22 Solutions

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Ch-22 P-1GICh-22 P-2GICh-22 P-3GICh-22 P-4GICh-22 P-5GICh-22 P-6GICh-22 P-7GICh-22 P-8GICh-22 P-9GICh-22 P-10GI
Ch-22 P-11GICh-22 P-12GICh-22 P-13GICh-22 P-14GICh-22 P-15GICh-22 P-16GICh-22 P-17GICh-22 P-18GICh-22 P-19GICh-22 P-20GICh-22 P-1MCCh-22 P-2MCCh-22 P-3MCCh-22 P-4MCCh-22 P-5MCCh-22 P-6MCCh-22 P-7MCCh-22 P-8MCCh-22 P-9MCCh-22 P-10MCCh-22 P-1RECh-22 P-2RECh-22 P-3RECh-22 P-4RECh-22 P-5RECh-22 P-6RECh-22 P-7RECh-22 P-8RECh-22 P-9RECh-22 P-10RECh-22 P-11RECh-22 P-12RECh-22 P-1ECh-22 P-2ECh-22 P-3ECh-22 P-4ECh-22 P-5ECh-22 P-6ECh-22 P-7ECh-22 P-8ECh-22 P-9ECh-22 P-10ECh-22 P-11ECh-22 P-12ECh-22 P-13ECh-22 P-14ECh-22 P-15ECh-22 P-16ECh-22 P-1PCh-22 P-2PCh-22 P-3PCh-22 P-4PCh-22 P-5PCh-22 P-6PCh-22 P-7PCh-22 P-8PCh-22 P-9PCh-22 P-10PCh-22 P-11PCh-22 P-12PCh-22 P-13PCh-22 P-14PCh-22 P-1CCh-22 P-2CCh-22 P-3CCh-22 P-4CCh-22 P-5CCh-22 P-6CCh-22 P-7CCh-22 P-8CCh-22 P-9CCh-22 P-10C

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