ACCT.PRINCIPLES (LL)
14th Edition
ISBN: 9781119707110
Author: Weygandt
Publisher: WILEY
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https://www.republictt.com/pdfs/annual-reports/RFHL-Annual-Report-2022.pdf
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c) Critically analyze any significant accounting policies and estimates disclosed in the notes to the financial statements. In your answer, indicate whether the company complied with the accounting standards and conventions.
Edge Co., a toy manufacturer, is in the process of preparing its financial statements for the
year ended December 31, Year 8. Edge expects to issue its Year 8 financial statements on
March 1, Year 9.
For each item, two responses are required. Select from the option lists provided the
appropriate adjustment amount, if any, and whether additional disclosure is required,
either on the face of or in the notes for each financial statement below. Each choice may be
used once, more than once, or not at all. If no adjustment is necessary, select "No entry
required" in the Adjusted amount column and continue to the Additional disclosure
required column.
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5. On January 30, Year 9, Edge issued
$10 million bonds at a premium of $500,000.
6. On February 4, Year 8, the IRS assessed
Edge an additional $400,000 for the Year 4 tax
year. Edge's tax attorneys and tax accountants
have stated that it is likely that the IRS will
agree to a $100,000 settlement.
C
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Many companies make annual reports available on their corporate websire, often under an Investors tab. Annual reports also can be accessed through the SEC's EDGAR system at www.sec.gov (under Filings, click Company Filings Search, type in Company Name, and under Filing Type, search for 10-K). Access the most recent annual report for the following U.S.-based multinational corporations to complete the requiremects: International Business Machines Corporation. Intel Corporation. Required a. Identify the location(s) in the annual report that provides disclosures related to foreign currency translation and foreign currency hedging. b. Determine whether the company's foreign operations have a predominant functional currency.c. Determine the amount of translation adjustment, if any, reported in other comprehensive income in each of the three most recent years. Explain the sign (positive or negative) of the translation adjustment in each of the three most recent years. Compare the relative…
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- Select a public company that interests you. Obtain the company's most recent annual report on Form 10-K. The Form 10-K is a company's annually required filing with the Securities and Exchange Commission (SEC). It includes the company's financial statements and accompanying notes. The Form 10-K can be obtained from (a) the company's investor relations section of the company's website, (b) the search feature of the SEC's EDGAR database service or (c) searching using your search engine (Google, Bing, etc.) Based on the information in the company's most recent annual report, answer the following questions: 1) What amount of total assets does the company report on its balance sheet? 2) What amount of total liabilities does the company report on its balance sheet? 3) Using the accounting equation, determine the company's stockholders' equity. Compare this amount to the amount of stockholder's equity reported on the company's balance sheet. Do the figures match? 4) How many years of…arrow_forwardThe Jardine Matheson Group is a major conglomerate within the Asian region. The company uses IFRS in preparing its financial statements ad has done so for a number of years. Access Jardine Matheson’s most recent annual report on the company’s website. Review the company’s consolidated financial statements to evaluate whether the financial statements presented comply with the presentation requirements in IAS 1, Presentation of Financial Statements. Document your evaluation.arrow_forwardRefer to the financial statements of Lowe’s Companies, Incorporated, in Appendix B. (Note: Fiscal 2019 for Lowe’s runs from February 2, 2019, to January 31, 2020. As with many retail companies, Lowe’s labels the period “Fiscal 2019” even though it ends in the 2020 calendar year. The label “Fiscal 2019” is appropriate because Fiscal 2019 includes 11 months from the 2019 calendar year. Lowe’s explains its choice of fiscal period in Note 1 to its financial statements.) 2. What journal entry must Lowe’s make when a customer purchases and pays for, but does not yet use, a gift card?arrow_forward
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