Questions from Intermediate Accounting


Q: FIFO, weighted-average, and LIFO methods are often used

FIFO, weighted-average, and LIFO methods are often used instead of specific identification for inventory valuation purposes. Compare these methods with the specific identification method, discussing t...

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Q: Explain how the present value of an ordinary annuity interest table is

Explain how the present value of an ordinary annuity interest table is converted to the present value of an annuity due interest table.

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Q: What is the dollar-value method of LIFO inventory valuation?

What is the dollar-value method of LIFO inventory valuation? What advantage does the dollar-value method have over the specific goods approach of LIFO inventory valuation? Why will the traditional LIF...

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Q: On December 31, 2011, the inventory of Powhattan Company amounts

On December 31, 2011, the inventory of Powhattan Company amounts to $800,000. During 2012, the company decides to use the dollar-value LIFO method of costing inventories. On December 31, 2012, the inv...

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Q: Bienvenu Enterprises reported cost of goods sold for 2012 of $1

Bienvenu Enterprises reported cost of goods sold for 2012 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2012. Bienvenu later discovered that its ending inventories at December 31,...

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Q: Arna, Inc. uses the dollar-value LIFO method of

Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Instructions Compute the value of the 2012 and 2013 inventories using the dollar-value LIFO...

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Q: At December 31, 2012, Dwight Corporation reported current assets of

At December 31, 2012, Dwight Corporation reported current assets of $390,000 and current liabilities of $200,000. The following items may have been recorded incorrectly. Dwight uses the periodic metho...

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Q: The net income per books of Adamson Company was determined without knowledge

The net income per books of Adamson Company was determined without knowledge of the errors indicated below. Instructions Prepare a worksheet to show the adjusted net income figure for each of the 6...

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Q: Inventory information for Part 311 of Seminole Corp. discloses the following

Inventory information for Part 311 of Seminole Corp. discloses the following information for the month of June. Instructions (a) Assuming that the periodic inventory method is used, compute the cost...

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Q: LoBianco Company’s record of transactions for the month of April was as

LoBianco Company’s record of transactions for the month of April was as follows. Instructions (a) Assuming that periodic inventory records are kept, compute the inventory at April...

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