Questions from Financial Reporting

Q: Presented below are excerpts from the 2015 annual report of Daimler AG

Presented below are excerpts from the 2015 annual report of Daimler AG, a German company that manufactures luxury automobiles. Inventories are comprised as shown in table E.41. The amount of write-dow...

Q: The following inventory note appears in General Electric’s Year 3 annual report

The following inventory note appears in General Electric’s Year 3 annual report. LIFO revaluations decreased $70 million in Year 3, compared with decreases of $169 million in ear 2...

Q: The following information related to ExxonMobil’s inventories is taken from its 2014

The following information related to ExxonMobil’s inventories is taken from its 2014 annual report. 3. Miscellaneous Financial Information In 2014, 2013, and 2012, net income include...

Q: Baines Corporation manufactures fireplace tools and accessories. It has been prosperous

Baines Corporation manufactures fireplace tools and accessories. It has been prosperous since its incorporation in 1980, largely due to a small, exceptionally skilled, and highly motivated managerial...

Q: ClearOne Communications, Inc., is a provider of end-to

ClearOne Communications, Inc., is a provider of end-to-end video and audio conferencing services, including the manufacture and sale of video and audio conferencing products. From its inception as a m...

Q: For several years, the Securities and Exchange Commission (SEC)

For several years, the Securities and Exchange Commission (SEC) has been considering whether to transition U.S. firms to International Financial Reporting Standards (IFRS) for filing public financial...

Q: The following information related to Caterpillar’s inventories is taken from its 2015

The following information related to Caterpillar’s inventories is taken from its 2015 annual report. Use this information in answering the questions that follow. There were no LIFO l...

Q: Kruger Corporation sells construction equipment to a customer for $50,

Kruger Corporation sells construction equipment to a customer for $50,000. The equipment comes with a standard 2-year warranty covering any repairs that are required during that time. It does not cove...

Q: Theo Corporation entered into a contract with Maddon Company to sell Maddon

Theo Corporation entered into a contract with Maddon Company to sell Maddon goods for $200,000. About a week later, Maddon ordered additional goods and the two companies agreed to a $50,000 price. The...

Q: Theo Corporation entered into a contract with Maddon Company to sell Maddon

Theo Corporation entered into a contract with Maddon Company to sell Maddon goods for $200,000. About a week later, Maddon ordered additional goods and the two companies agreed to a $50,000 price. The...