Intermediate Accounting, 17th Edition
17th Edition
ISBN: 9781119503682
Author: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Publisher: WILEY
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Choose one of the three situations below and provide the following information: a) type of change; b) Manner of reporting the change under the current generally accepted accounting principles, including a discussion where applicable of how amounts are computed; c) Effect of the change on the balance sheet and income statement.
Hopkins Co. decides in January 2021 to change from FIFO to weighted-average pricing for its inventories.
arkman Sporting Goods is preparing its annual report for its fiscal year. The company's
controller has asked for your help in determining how best to disclose information about the
following items:
Required:
Indicate whether each item should be disclosed (A) in the summary of significant accounting
policies note, (B) in a separate disclosure note, or (C) on the face of the balance sheet.
1. A related-party transaction.2. Depreciation method.3. Allowance for uncollectible accounts.4.
Composition of investments.5. Composition of long-term debt.6. Inventory costing method.7.
Number of shares of common stock authorized, issued, and outstanding.8. Employee benefit
plans.
use the following link to answer the required
https://www.republictt.com/pdfs/annual-reports/RFHL-Annual-Report-2022.pdf
Required:
Conduct a horizontal and vertical analysis of the company’s financial statements to identify trends and patterns over the past two years.
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